UK scraps Covid-19 vaccine trade with French firm Valneva

UK scraps Covid-19 vaccine trade with French firm Valneva

The UK had about 100 million doses on order, after it increased its request by 40 million in February.

French vaccine maker Valneva says the UK government has scrapped a deal for its Covid-19 vaccine.

The company said in a statement that the UK government served notice over allegations of a breach of the agreement, which it “strenuously denies”.

Valneva’s jab is still being tested in trials.

Valneva’s stock had almost quadrupled in the past year on optimism its shot would complement existing vaccines with a different approach. The product, which is up against AstraZeneca Plc’s in clinical tests, is an inactivated vaccine — an old-school method also used for polio and hepatitis inoculations. Because it targets the whole virus rather than just the spike protein, some scientists expect it could potentially stand up better to variants. “We continue to see significant value in Valneva’s Covid-19 vaccine, but its route to market is now far less clear,” said Max Herrmann, an analyst at Stifel.

Valneva’s shot is on track for initial approval later this year. Besides the vaccine order, the U.K. government has invested in a manufacturing site in Scotland. “The news comes as a real surprise since the U.K. helped Valneva to fund development of the vaccine candidate as well as the manufacturing site extension,” Jean-Jacques Le Fur, an analyst at Bryan Garnier, wrote in a note.

Valneva didn’t answer a call and didn’t immediately respond to an email seeking comment. In the statement, the company said it had “worked tirelessly, and to its best efforts” to meet the agreement and that it will increase its efforts to find other potential customers. The inactivated vaccine works by taking a sample of the disease that has been killed and using it to stimulate an immune response without creating infection. The Valneva shot could protect against variants that might compromise vaccines focused on the virus’s spike protein, making it the perfect booster.

The discord also affects Dynavax Technologies Corp., a U.S. firm that supplies Valneva with a vaccine adjuvant. Dynavax shares slumped before U.S. exchanges opened as the company said Valneva doesn’t have an obligation to pay the final portion of an outstanding purchase order if the U.K. government reduces or terminates its contract with the drugmaker. For now, the order hasn’t been canceled.

“Innovation means taking risks,” Olivier Nataf, the head of AstraZeneca in France, said on BFM radio. “This is clearly a blow. It’s important to have a new vaccine, a new technology that would complement the others.” Astra, based in Cambridge, England, has also experienced difficult interactions with governments in France and other European Union countries, where its vaccine has taken a backseat to messenger RNA rivals despite evidence that side effects are rare and that it protects effectively against Covid.

Disclaimer: If you need to edit or update this news from compsmag then kindly contact us Learn more

For Latest News Follow us on Google News


Latest Headlines
  • Show all
  • Trending News
  • Popular By week
With an incredible poster, a Marvel’s Spider-Man fan makes Tobey Maguire proud
With an incredible poster, a Marvel’s Spider-Man fan makes Tobey Maguire proud
The poster comes the way of Rock Rider over on Twitter, who notes that only four images were used to create the poster, with Spider-Man getting zero editing ...
At Apple’s iPhone event, App Annie hit with securities fraud, OpenSea goes mobile
At Apple’s iPhone event, App Annie hit with securities fraud, OpenSea goes mobile
The app industry continues to grow, with a record 218 billion downloads and $143 billion in global consumer spend in 2020. Consumers last year also spent 3.5 ...
Barbados’ Prime Minister phones into UN matters with his phone in hand
Barbados’ Prime Minister phones into UN matters with his phone in hand
Mottley, who became prime minister of the Caribbean country in 2018, spoke energetically and seemingly off the cuff, delivering vivid lines not replicated in ...
Hey Google, if Apple and Samsung can keep small phones alive, why can’t you?
Hey Google, if Apple and Samsung can keep small phones alive, why can’t you?
The more I talk to people about their phones, the more I learn that most seem to be pretty happy with the model they own. And analysts say folks are holding ...
The design of the Google Pixel 6 seems to be inspired by another gadget of the brand
The design of the Google Pixel 6 seems to be inspired by another gadget of the brand
In response to a tweet pointing out that each color version of the Pixel 6 corresponded with a color option for the Google Stadia Controller, the official ...
On your Android device, there are 5 amazing apps/sources for football news
On your Android device, there are 5 amazing apps/sources for football news
The fans of football all over the globe can see international games and leagues of many countries like EPL, LaLiga, Serie A, etc. And the most popular club ...
Lack of confidence in Cyber Security experts on ‘unexpected’ appointment of new Culture Secretary
Lack of confidence in Cyber Security experts on ‘unexpected’ appointment of new Culture Secretary
Ms Dorries will oversee regulating Big Tech through the Online Safety Bill, further 5G deployment and the roll-out of gigabit broadband as part of the UK’s ...
Business Point of View: The Misunderstood Health Savings Account |  local business news
Business Point of View: The Misunderstood Health Savings Account | local business news
With open enrollment around the corner, it may be worth a revisit of your anticipated health care needs and insurance options to determine if a ...
Motorola G Pure and Moto E40 images leak ahead of launch
Motorola G Pure and Moto E40 images leak ahead of launch
Let’s start with the Moto G Pure – the higher-end of the two. We already have a pretty good idea of its specs sheet, as well as a full set of detailed ...
COVID-19 Vaccine Boosters Could Mean Billions for Drug Manufacturers
COVID-19 Vaccine Boosters Could Mean Billions for Drug Manufacturers
Still, the crisis is constantly evolving, and some top U.S. health officials expect boosters will be more broadly authorized in the coming weeks or months. ...
Show next
Compsmag - Latest News from tech, business and health
Logo