Valneva Cuts Ties With Its COVID-19 Vaccine Manufacturing Partner In Germany

Valneva Cuts Ties With Its COVID-19 Vaccine Manufacturing Partner In Germany
  • Valneva SE VALN and IDT Biologika will terminate their collaboration following the delivery of inactivated COVID-19 bulk vaccine to Valneva and considering the current order levels and existing inventories.
  • As per the commercial manufacturing services agreement signed in November 2021, IDT Biologika produced the VLA2001 bulk vaccine in Germany. 
  • In light of the reduced European Commission order, Valneva has suspended manufacturing of the vaccine and, as compensation, will pay IDT up to €36.2 million in cash and the equivalent of €4.5 million in the form of specified equipment purchased by Valneva.
  • Also Read: Valneva Posts Additional Encouraging Data From COVID-19 Booster Trial.
  • Valneva has started to deliver doses of VLA2001 to the European Member States who ordered the vaccine and is retaining inventory for potential additional supply in case demand increases. 
  • In parallel, the company is continuing discussions with various other governments worldwide, aiming to deploy approximately eight to ten million doses of remaining inventory into international markets in the next six to twelve months.
  • Price Action: VALN shares are down 9.97% at $14.54 during the premarket session on the last check Monday.

 

Posted In: BriefsCOVID-19 CoronavirusCOVID-19 VaccineEurasiawhy it's movingBiotechNewsHealth CareOfferingsSmall CapMoversTrading IdeasGeneral