Valneva Plunges After U.K. Scraps Covid Vaccine Deal
- French drugmaker says it contests U.K.’s contract allegations
- Stock falls as much as 45% as vaccine’s future now in doubt
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Valneva SE shares plunged after the French drugmaker said the U.K. government is canceling a vaccine supply contract, dealing a blow to its experimental Covid-19 shot.
The company said Monday the U.K. found Valneva had breached its obligations under the agreement, an allegation it contested without specifying the problem. Last year, the country agreed to buy 100 million doses from Valneva. The stock fell as much as 45% in Paris trading.