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FILE PHOTO: Valneva logo is seen displayed in this illustration taken, May 3, 2022. REUTERS/Dado Ruvic/Illustration/File Photo

BRUSSELS (Reuters) – The European Commission said on Monday that no final decision had been made about the possible termination of a contract with Valneva to supply its COVID-19 vaccine to the European Union.

Valneva said earlier on Monday it had received a notice of intent from the Commission to terminate the contract. The statement triggered a sell-off of the company’s shares, which lost one-fifth of their value in few hours.

EU Commission spokesman Stefan de Keersmaecker confirmed the EU executive had communicated to Valneva its intention to terminate the contract but said the final decision would only be made after consulting with Valneva on the matter.

He told a regular news briefing that the notice had been sent after an agreement with EU governments, but said the notice was only the start of a process.

Valneva can now propose alternative solutions and only after that would the EU decide whether to terminate the contract, the spokesman said, adding that the EU “will consider any remedial solution the company may propose”.

Under the deal, piroxicam pfizer dispersible Valneva had agreed to supply up to 60 million doses of vaccine over two years.

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