Valneva suspends manufacturing of VLA 2001 vaccine for COVID-19.
In light of the reduced order volume from EU Member States, Valneva has suspended manufacturing of the VLA 2001 vaccine and recognized write-downs of €100.6 million as of June 30, 2022 relating to existing inventory acquired to produce and supply volumes under the original EC APA. Valneva is also evaluating its COVID-19 program and associated activities and will re-shape its operations accordingly.
In addition, Valneva and IDT Biologika (IDT) are discussing potential ways of terminating their drug substance manufacturing agreement in light of the suspended manufacturing of Valneva’s COVID-19 vaccine. Valneva will continue certain ongoing clinical trials, in particular on the potential use of the vaccine as a booster. Valneva will invest in further development of the vaccine or second-generation COVID-19 vaccine candidate only if it receives the necessary funding or commitments to such funding during the third quarter of 2022.
Valneva confirmed it plans to deliver around eight to ten million doses of remaining inventory to international markets and will continue discussions on supply agreements but said it would only invest in further development of the vaccine if it received the necessary funding or commitments to said funding in the third quarter of the year, which seems unlikely..
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