- Valneva SE VALN is in talks with a potential partner to produce an updated version (second generation) of its COVID-19 vaccine that targets new variants of the infection.
- Valneva has won regulatory approval in the European Union and some other countries for its first-generation vaccine but said it had suspended manufacturing in light of low order levels.
- "The company is in active discussions with a prospective partner for potentially funding the development of a second-generation COVID-19 vaccine," Valneva said.
- "These ongoing discussions may continue for several months and may not lead to an agreement," added Valneva.
- Related: Valneva Cuts Ties With Its COVID-19 Vaccine Manufacturing Partner In Germany.
- "Market expectations have been that the company would be winding down its COVID-19 vaccine activities, hence the bounce..." said Rx Securities Managing Director Samir Devani, adding that he advised investors to consider any COVID-19 activities as an upside option for the stock, cited Reuters report.
- The company's chief executive was cited as saying the company would provide future updates "if and when" it reaches a deal.
- In parallel, Valneva is in discussions with various governments and has initiated regulatory processes with additional regulatory authorities to deploy the remaining inventory into international markets in the next twelve months.
- The company also expects to report additional clinical data in Q4 of 2022, notably heterologous booster data, which may potentially support the positioning of its inventory.
- Price Action: VALN shares closed at $11.01 on Friday.
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