by Giulia Petronic
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Shares of Valneva SE fell on Monday after the company said it would financially compensate IDT Biologica for ending their collaboration on the production of its inactivated COVID-19 bulk vaccine VLA2001.
At 0749GMT, the stock is down 12.1% at EUR7.13.
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The French pharmaceutical company said late Friday that, due to fewer orders from the European Commission, it has suspended manufacturing of the vaccine and will pay IDT 36.2 million euros ($36.2 million) in cash and the equivalent of €4.5 million. ,
According to the terms of an agreement signed in November 2021, IDT Biologica is producing the VLA2001 bulk vaccine at its facilities in Germany, and is procuring the Vlaneva manufactured batches.
The company said it has started dispensing doses to EU member states that have ordered the vaccine and is maintaining inventory for potential additional supplies. Meanwhile, it is also in talks with governments around the world as it aims to deploy about eight to 10 million doses of the remaining inventory in international markets over the next six to 12 months.
Write to Giulia Petroni at [email protected]
