The logo of Valneva SE is pictured at the company's headquarters in Saint-Herblain, near Nantes, France, September 13, 2021. REUTERS/Stephane Mahe
PARIS: French vaccines company Valneva saw its shares jump more than 20% after it won approval from the European Commission for a deal under which it would supply up to 60 million doses of VLA2001, its inactivated COVID-19 vaccine candidate, over two years.
"The Valneva vaccine adds another option to our broad portfolio, once it is proven to be safe and effective by the European Medicines Agency," EU health commissioner Stella Kyriakides said. "The message remains the same: trust the science, and vaccinate, vaccinate, vaccinate."
Valneva is hoping its candidate, which uses more traditional technology than the mRNA vaccines, could be a more reassuring option for Europeans still reluctant to be immunised.
It said last month that it demonstrated efficacy "at least as good, if not better" than AstraZeneca's shot in a late-stage trial comparing the two, with significantly fewer adverse side effects.
The European Commission said the contract with Valneva provides the possibility for EU member states to purchase nearly 27 million doses in 2022.
Member states can then make a further order of up to 33 million additional vaccines in 2023.
The deal includes the possibility to adapt the vaccine to new variant strains.
"We are grateful to the European Commission for its support and are eager to help address the ongoing pandemic," Valneva chief executive Thomas Lingelbach said in a statement.
In September, Britain scrapped a contract for around 100 million doses of Valneva's COVID vaccine over concerns the vaccine might not receive approval.
