VALN - Valneva stock slumps ~20% as EU plans to terminate COVID-19 vaccine deal

Valneva (NASDAQ:VALN) (OTCPK:INRLF) said the European Commission (EC) intends to terminate its advance purchase agreement (APA) for the company's inactivated whole-virus COVID-19 vaccine VLA2001. The French company's stock fell ~20% to €9.50 on May 16 on the Euronext Paris where it trades under the ticker VLA. Valneva said the APA provides the EC with a right to terminate the contract if VLA2001 has not received a marketing authorization from the European Medicines Agency (EMA) by April 30. Under the agreement, Valneva has 30 days from May 13, to get a marketing authorization or propose an acceptable remediation plan. In April, the EMA's Committee for Medicinal Products for Human Use (CHMP) requested additional data to support a the marketing authorization for the vaccine. Valneva said it submitted its response on May 2, and believes it adequately addresses the remaining questions. If the CHMP accepts the responses, the company expects to receive a positive CHMP opinion

For further details see:

Valneva stock slumps ~20% as EU plans to terminate COVID-19 vaccine deal