An image showing a vial labeled as “Novavax V Covid-19 Vaccine” was captured on January 16, 2022.
Novavax’s shares surged by almost 50% on Monday following the announcement of a lucrative deal with French pharmaceutical giant Sanofi, marking a significant turnaround for the struggling vaccine manufacturer.
The stock of Novavax nearly doubled on Friday after the unveiling of the licensing agreement with Sanofi. This deal enabled Novavax to eliminate its “going concern” warning, initially issued in February 2023 due to concerns about its financial viability.
“This deal is a game-changer for us. It not only strengthens our financial position but also allows us to refocus our strategy on our core strengths, delivering more value to our stakeholders, including our shareholders,” stated Novavax CEO John Jacobs in an interview with CNBC.
As per the terms of the agreement, Sanofi will acquire a stake of less than 5% in Novavax. This partnership signifies a significant step…
2024-05-13 16:46:34
Originally published on www.cnbc.com