Novavax jumps on COVID-19 licensing deal with Sanofi, lifts going-concern warning – 05/10/2024 at 1:25 p.m.


((Automated translation by Reuters, please see disclaimer https://bit.ly/rtrsauto))

(Updates)

May 10 – ** Shares of vaccine manufacturer Novavax

NVAX.O more than doubled premarket, rising 141% to $10.78

** Company enters into licensing deal worth $1.20 billion with French drugmaker Sanofi SASY.PA for its COVID-19 vaccines

** NVAX clears doubts about its ability to continue its activities by removing the “going concern” notice

** SASY will take a 4.9% stake in NVAX for $70 million

** Novavax says it will co-market its COVID-19 vaccine with Sanofi and develop new COVID-19-flu combination vaccines using NVAX’s Matrix-M adjuvant

**Sanofi will pay Novavax $500 million upfront and up to $700 million in development, regulatory and launch milestones

**NVAX’s first-quarter net loss narrows to $148 million, from $294 million a year ago

** Until last close, the stock was down ~7% year to date



Source link -86