Valneva, a vaccine firm from France, will be received 20 million pounds ($27 million) in funding from a Scottish Enterprise. This is the same Valneva that had a major Covid vaccine order cancelled by the UK government.
The first grant of up to £12,500,000 will support research and development related to the manufacture of VLA2001, Valneva’s inactivated, whole virus COVID-19 vaccine candidate. The second grant of up to £7,500,000 will support research and development connected to Valneva’s manufacturing processes for other vaccines.
It is an inactivated whole virus vaccine, meaning it contains a dead version of coronavirus that cannot cause disease. This is the same way that flu and polio vaccines are made.
Thomas Lingelbach, Chief Executive Officer of Valneva, said, “This investment bolsters Valneva’s longstanding relationship with Scottish Enterprise as well as our position at the forefront of life sciences and vaccine development in Scotland.”
He further said, “From the only inactivated, whole virus COVID-19 vaccine candidate in clinical development in Europe to the most clinically advanced vaccine candidate against chikungunya in the world, Scottish Enterprise’s investment will support progress across Valneva’s research and development portfolio – as well as jobs and growth in Scotland. We are grateful to Scottish Enterprise, and to the Scottish Government, for their continuing support.”
Ivan McKee, Government Business Minister, Scotland, said in a statement, “Valneva is a valuable contributor to our medical sector and the Livingston facility. This funding package will support high-quality jobs and will drive further research and underpin the company’s operations in Scotland.”
Earlier this month, Valneva said it expected the COVID-19 vaccine candidate to considerably boost its yearly sales in 2022, seeing them at 350 million euros to 500 million euros ($398 million to $568 million). The sales of its other vaccines are expected at 60 million to 70 million euros. The funding will start next month and will be paid over the next three years.