Scotland grants 20 mln pounds to VALNEVA to boost Covid manufacturing

Date:

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.

Advertisement

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.

Share post:

spot_img

Popular

More like this
Related

Total Energies halted its investments in the Adani Group

Total Energies said it would no longer invest $4 billion with the Adani Group in a green hydrogen project.

Dominica: Parliament discusses the growth of the country’s people

The House of Assembly conducted the first meeting of the 11th Parliament's first session on February 7, 2023.

British Banks received billions to cover COVID loan loss

British banks have received more than £4.4 billion from taxpayer money to cover defaults on the £77 billion of state-guaranteed loans.

Pakistan: Crimes against Ahmadiyya Muslims are increasing

In Pakistan, crimes are often committed against the Ahmadiyya Muslim community by Muslim community members, gangs, and even the police.