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Novavax, Sanofi Ink $1.2B Deal; Novavax Stock Surges Over 140%
May 10, 2024, 05:10 PM
Novavax has entered into a significant licensing agreement with Sanofi, valued up to $1.2 billion, to commercialize its COVID-19 vaccine and develop a combined COVID-19 and flu vaccine. The deal includes an upfront payment of $500 million from Sanofi, which also takes a 4.9% equity stake in Novavax. This partnership aims to leverage both companies' capabilities to enhance vaccine availability and efficacy, particularly as COVID-19 vaccination rates are expected to stabilize post-pandemic. The agreement has led to a substantial increase in Novavax's stock, which surged over 140% following the announcement.
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