French drugmaker Valneva plunges after UK scraps vaccine deal

Thomas MulierFrench drugmaker Valneva’s shares plunged after it said the UK government was cancelling a vaccine supply contract, dealing a blow to its experimental Covid-19 shot.

“We continue to see significant value in Valneva’s Covid-19 vaccine, but its route to market is now far less clear,” said Max Herrmann, an analyst at Stifel. Valneva didn’t answer a call and didn’t immediately respond to an e-mail seeking comment. In the statement, the company said it had “worked tirelessly, and to its best efforts” to meet the agreement and that it will increase its efforts to find other potential customers.

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