Bavarian Nordic monkeypox vaccine wins EU approval

STORY: The EU has approved a monkeypox vaccine made by biotech firm Bavarian Nordic.

That's according to the Danish firm on Monday (July 25).

It said the European Commission would allow its Imvanex shot to be marketed as protection against the disease.

Previously the EU has only allowed it to be shown as a treatment for smallpox.

The decision comes just a day after the World Health Organization called the rapidly-spreading monkeypox a global health emergency.

The vaccine has already been approved in the United States and Canada.

Bavarian said the development of Imvanex was made possible by big investment from the U.S. government over the past two decades.

The news cheered investors.

Bavarian's share price rose 3% after the update.

Its stock is up more than 120% over the last three months, driven by strong demand for the monkeypox vaccine.