Valneva SE (NASDAQ:VALN) has signed an Advance Purchase Agreement (APA) with the European Commission (EC) to supply up to 60 million doses of its inactivated COVID-19 vaccine candidate VLA2001, over two years. 

• The agreement follows the announcement made earlier this month that the EC had approved the APA.
• Under the terms of the agreement following final review, Valneva expects to deliver 24.3 million doses during Q2 and Q3 of 2022, subject to the approval of VLA2001 by the European Medicines Agency (EMA). 
• The EC has the option to increase this initial firm purchase order up to a total of 60 million doses, the remainder of which would be delivered in 2023.
• Last month, Valneva posted encouraging Phase 3 trial data.
• VLA2001 is currently the only whole virus, inactivated, adjuvanted vaccine candidate against COVID-19 in clinical trials in Europe. 
• VLA2001 consists of inactivated whole virus particles of SARS-CoV-2 with high S-protein density, combined with two adjuvants, alum and Dynavax Technologies Corporation (NASDAQ:DVAX) supplied CpG 1018 adjuvant.
• Price Action: VALN shares are up 4.30% at $47.01 during the market session on the last check Tuesday.