# Britain gives first European approval to Valneva COVID shot Author: Pal Sinha, Barnali Author URL: https://financedigest.com/author/pal-sinha-barnali Published: 2022-04-14 Category: NEWS Category URL: https://financedigest.com/category/news Meta Title: UK approves Valneva COVID-19 vaccine, first in Europe Meta Description: Britain becomes the first European country to approve Valneva's COVID-19 vaccine, despite previous contract issues. Boosting stock by 20%, the UK approves URL: https://financedigest.com/britain-gives-first-european-approval-to-valneva-covid-shothtml ![undefined](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/2022-04-14t052958z1lynxnpei3d04srtroptp4health-coronavirus-valneva-1736815873517-compressed.jpg) By Natalie Grover and Sarah Morland LONDON/PARIS (Reuters) -Britain approved Valneva’s COVID-19 vaccine on Thursday, becoming the first European country to clear the use of the French firm’s shot in a move that boosted its shares by more than 20%. The go-ahead is the sixth COVID vaccine approval by Britain and comes even though London last September scrapped a 1.4 billion euro ($1.5 billion) deal to buy the Valneva shot, alleging the company was in breach of its obligations under the agreement – which Valneva denied. The [company said it was in discussions to supply up to 25,000 doses to the UK’s National Health Service](https://www.financedigest.com/how-can-financial-services-companies-compete-more-effectively-in-times-of-uncertainty.html "How can Financial Services Companies compete more effectively in times of uncertainty?") and frontline workers in Scotland. It said talks over a settlement [following the UK government’s](https://www.financedigest.com/gecko-governance-launches-compliance-solution-for-ico-market-following-approval-by-isle-of-man-regulator.html "GECKO Governance Launches Compliance Solution For ICO Market Following Approval by Isle of Man Regulator") decision to ditch its contract continued. Announcing the approval, the UK’s Medicines and Healthcare Products Regulatory Agency (MRHA) said it was the first, whole-virus inactivated [COVID-19 vaccine](https://www.financedigest.com/factbox-countries-making-covid-19-vaccines-mandatory-2.html "Factbox-Countries making COVID-19 vaccines mandatory") to gain approval in the UK, adding the shot met safety, quality and effectiveness standards. However demand [prospects could be limited in the UK given the vaccination rate](https://www.financedigest.com/ecbs-lagarde-raises-prospect-of-rate-hikes-beyond-neutral-level.html "ECB’s Lagarde raises prospect of rate hikes beyond neutral level") is already relatively high, with about 73% of the population having had two doses and almost 60% having had a booster. The government is also rolling out fourth doses to the vulnerable and the elderly. The UK continues to have sufficient supply for its vaccination programme,” a [Department of Health](https://www.financedigest.com/baswares-e-invoicing-to-eliminate-inefficiencies-in-health-department.html "Basware’s e-invoicing to eliminate inefficiencies in Health Department") and Social Care spokesperson said. Still, the regulatory nod is a [boost for the company as the European](https://www.financedigest.com/energy-stocks-boost-european-shares-ahead-of-ecb-minutes.html "Energy stocks boost European shares ahead of ECB minutes") Medicines Agency (EMA) assesses the vaccine for possible approval. The [European Commission](https://www.financedigest.com/german-economy-expected-to-grow-modestly-in-2023-european-commission.html "German economy expected to grow modestly in 2023 – European Commission") has signed an advance deal for up to 60 million doses. ADDITIONAL AUTHORIZATIONS Valneva’s [stock jumped](https://www.financedigest.com/stocks-jump-as-treasury-yields-ease-and-oil-prices-sell-off.html "Stocks jump as Treasury yields ease and oil prices sell off") more than 20% to their highest since Jan. 5, helping recover ground lost so far this year amid uncertainty about the regulatory [approval process](https://www.financedigest.com/emvco-streamlines-approval-process-for-mobile-payment-devices.html "EMVCo Streamlines Approval Process for Mobile Payment Devices"). “We believe that this new approval could … [lead to additional marketing authorizations in other regions](https://www.financedigest.com/adnami-welcomes-svenja-damzog-as-publisher-director-dach-to-lead-continued-expansion-in-the-region.html "Adnami welcomes Svenja Damzog as Publisher Director DACH to lead continued expansion in the region") of the world,” Valneva chief Thomas Lingelbach said in a statement. The vaccine is seen to have two main advantages – it can be stored at similar temperatures to those in a domestic fridge, and it relies on [technology that has been used for decades](https://www.financedigest.com/membrane-technology-market-is-expected-to-grow-at-a-cagr-of-9-1-by-the-end-of-decade.html "Membrane Technology Market Is Expected To Grow At A CAGR Of 9.1% By The End Of Decade"), for instance in some shots against polio, influenza and hepatitis A. The approach involves growing the virus in a lab, then rendering it completely inactive so it cannot infect cells or replicate in the body, but can still trigger an immune response. It is seen by some as having the potential to win over [people wary of some vaccines which use mRNA technology](https://www.financedigest.com/the-start-up-using-technology-to-help-the-20-million-people-in-britain-with-money-worries.html "The start-up using technology to help the 20 million people in Britain with money worries"). Rx Securities’ [managing director](https://www.financedigest.com/anya-libova-joins-apester-as-uk-managing-director.html "Anya Libova joins Apester as UK Managing Director") Samir Devani said even after the mass roll-out, Valneva’s vaccine could still be useful if a new variant arises. The fact that it is available on hand is good news, although the exact [revenue profile beyond the orders already received](https://www.financedigest.com/cable-wood-drum-market-to-receive-overwhelming-hike-in-revenues-by-2019-2027.html "Cable Wood Drum Market to receive overwhelming hike in Revenues by 2019-2027 ") from the EU and Bahrain remains unclear,” he said. Valneva said in March it expected a positive EMA recommendation this [month and had begun manufacturing](https://www.financedigest.com/spanish-manufacturing-output-down-for-6th-straight-month-in-dec-pmi.html "Spanish manufacturing output down for 6th straight month in Dec -PMI"). It said it has inventory ready for labelling and deployment once it is approved there. Bahrain [granted Valneva’s vaccine emergency use authorisation](https://www.financedigest.com/token-granted-fca-authorisation-for-open-banking-payment-information-services.html "Token Granted FCA Authorisation for Open Banking Payment & Information Services") in early March. Earlier this year, the company said early [data suggested](https://www.financedigest.com/big-data-suggests-leicesters-football-success-could-usher-in-economic-boom.html "Big data suggests Leicester’s football success could usher in economic boom") three doses of its vaccine neutralised the Omicron variant of the virus. ($1 = 0.9198 euros) (Reporting by Aby Jose Koilparambil in Bengaluru, with Benoit Van Overstraeten and Sarah Morland in [Paris and Natalie Grover in London; Editing by Josephine Mason and David Holmes)](https://www.financedigest.com/london-fears-losing-luxury-shoppers-to-paris-and-milan.html "London fears losing luxury shoppers to Paris and Milan") --- This blog is powered by Superblog. Visit https://superblog.ai to know more. ---