On Thursday, the United Kingdom became the first European country to approve the use of Valneva’s (VLS.PA) COVID-19 vaccine, boosting the French firm’s stock by more than 20%.
The decision comes despite the fact that London cancelled a 1.4 billion euro ($1.5 billion) deal to buy the Valneva vaccine in September, alleging the company had breached its commitments under the agreement – something Valneva denied.
The company said it was in talks with the UK’s National Health Service and frontline workers in Scotland to offer up to 25,000 doses. It stated talks on a settlement had continued in the wake of the UK government’s decision to cancel the contract.
The Medicines and Healthcare Products Regulatory Agency (MRHA) in the United Kingdom announced the approval, saying it was the first whole-virus inactivated COVID-19 vaccine to be approved in the country, and that the shot met safety, quality, and effectiveness standards.
However, considering that the vaccination rate in the UK is already rather high, with roughly 73 percent of the population having received two doses and about 60 percent having had a booster, demand prospects may be restricted. The government is also distributing fourth dosages to the elderly and disadvantaged.
A representative for the Department of Health and Social Care stated, ‘The UK continues to have sufficient supplies for its immunisation programme.’
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