Valneva SE stock plunged nearly 19% after the company stated it proposed a remediation plan to the European Commission after a report to terminate the purchase of its COVID-19 vaccine candidate. VALN down 19.20%, SPX down -3.10%
- The company stated if the deal slashes the total amount of vaccines in the order would impact the sustainability of the vaccine program.
- Valneva’s vaccine utilizes a different type of technology than the mRNA vaccines.
- The vaccine is an inactivated virus shot that has been described as an alternative option for people worried about mRNA technology.
- Thomas Lingelbach, CEO of Valneva, stated that they continue to get messages from people seeking traditional vaccine technology and hope to get meaningful order size to support public health in Europe.