Singapore

FRENCH biotech Valneva, a manufacturer of vaccines for travellers, was once a sleepy stock, with a market capitalisation of just 236.8 million euros (S$351.8 million) in end-2019. But entering the Covid-19 vaccine race has swept it into the public eye.

In 2020, Valneva unveiled plans to develop a Covid-19 vaccine based on the more mature non-mRNA technology. It has since faced many ups and downs, from positive trial results and emergency approval in Bahrain, to a cancelled contract with the United Kingdom.