Online Desk : AstraZeneca said on Tuesday it had initiated the worldwide withdrawal of its Covid-19 vaccine due to a "surplus of available updated vaccines" since the pandemic.

The company also said it would proceed to withdraw the vaccine Vaxzevria`s marketing authorizations within Europe.

"As multiple, variant Covid-19 vaccines have since been developed there is a surplus of available updated vaccines," the company said, adding that this had led to a decline in demand for Vaxzevria, which is no longer being manufactured or supplied, reports Reuters.

According to media, opens new tab reports, the Anglo-Swedish drugmaker has previously admitted in court documents that the vaccine causes side-effects such as blood clots and low blood platelet counts.

The firm`s application to withdraw the vaccine was made on March 5 and came into effect on May 7, according to the Telegraph, which first reported the development.

London-listed AstraZeneca began moving into respiratory syncytial virus vaccines and obesity drugs through several deals last year after a slowdown in growth as Covid-19 medicine sales declined.