U.K. Threw Vaccine Maker Under Bus Over Covid Deal, CEO Says (1)

Nov. 25, 2021, 8:19 AM

The U.K. government threw Valneva SE “under the bus” when it terminated a $1.6 billion Covid-19 vaccine agreement after championing the French drugmaker’s shot, according to its chief executive officer.

The U.K.’s decision to cancel its order over an alleged breach of contract blindsided the company in September and came after Valneva had spent months renegotiating its agreement with Britain’s Vaccines Taskforce, Thomas Lingelbach said in an interview.

The reversal, which left Valneva in the lurch at a financially difficult juncture, took investors by surprise and caused the stock to take a 42% plunge. The shares traded 2% higher Thursday ...

To read the full article log in.

Learn more about a Bloomberg Law subscription.