European Commission Plans To Terminate Purchase Agreement For Valneva's COVID-19 Vaccine Candidate

(RTTNews) - Valneva SE (VALN) said Monday that it has received a notice from the European Commission of intent to terminate the advance purchase agreement for the company's inactivated whole-virus COVID-19 vaccine candidate VLA2001.

The purchase agreement provides the European Commission with a right to terminate the deal if VLA2001 had not received a marketing authorization from the European Medicines Agency by April 30, 2022.

Valneva has 30 days from May 13, 2022 to obtain a marketing authorization or propose an acceptable remediation plan.

The company noted that it will work with the European Commission and the participating the European Commission member states to agree to a remediation plan and to make VLA2001 available to those member states who still wish to receive it.