VALN - Valneva COVID vaccine VLA2001 gets emergency use nod in UAE but EU intentions send stock spiralling down

Valneva (OTCPK:INRLF) (NASDAQ:VALN) said the United Arab Emirates (UAE) granted emergency use authorization to its inactivated, adjuvanted COVID-19 vaccine VLA2001. However, the French company's stock fell ~20% to €9.50 on May 16 on the Euronext Paris (Ticker: VLA) as the European Commission intends to terminate its COVID-19 vaccine deal for VLA2001. "This is our second approval in the Gulf countries, and we are hoping that further approvals of VLA2001 will follow elsewhere," said Valneva CEO Thomas Lingelbach. The vaccine received its first emergency use authorization in Bahrain, and later got a conditional marketing authorization in the U.K.

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Valneva COVID vaccine VLA2001 gets emergency use nod in UAE but EU intentions send stock spiralling down