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In a strategic transfer to streamline its operations, Novavax (NASDAQ:NVAX), a U.S. vaccine producer, has introduced the sale of its manufacturing plant within the Czech Republic to the Danish pharmaceutical firm Novo Nordisk (NYSE:NVO).
The transaction is valued at $200 million. Novavax plans to channel the funds from this sale into its vaccine improvement pipeline.
The corporate, identified for its work on COVID-19 vaccines, has confronted challenges competing with trade leaders like Moderna (NASDAQ:MRNA) and Pfizer (NYSE:PFE). Issues have been raised final 12 months over Novavax’s monetary sustainability.
This sale is part of Novavax’s broader technique to reshape its enterprise construction. It follows a big licensing settlement with Sanofi (NASDAQ:SNY), a French pharmaceutical large. Underneath the deal, Sanofi took practically a 5% possession stake in Novavax in return for rights to its COVID-19 vaccine, amounting to not less than $1.2 billion.
Because the settlement with Sanofi in Could, Novavax’s inventory has seen a substantial upswing, with a rise of roughly 88%.
John Jacobs, Novavax’s Chief Govt Officer, emphasised the corporate’s dedication to turning into a extra environment friendly entity.
“The choice to promote the Czech Republic manufacturing facility aligns with our beforehand introduced dedication to evolve Novavax right into a extra lean and agile group targeted on partnering our pipeline belongings and expertise platform,” Jacobs acknowledged.
The sale is predicted to cut back Novavax’s annual working bills by round $80 million, aiding in its endeavor to streamline operations and deal with its core capabilities in vaccine improvement.
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