market analysis reports

Novavax, Sanofi Ink $1.2 Billion Deal for COVID-19 and Flu Vaccines; Stock Soars

May 10, 2024, 11:02 AM

Novavax has entered into a multibillion-dollar licensing agreement with Sanofi to commercialize a COVID-19 vaccine and develop combination vaccines for COVID-19 and influenza. The deal, valued up to $1.2 billion, includes an upfront payment of $500 million from Sanofi to Novavax. Sanofi will also acquire a 4.9% equity stake in Novavax, significantly boosting the U.S. biotech's market value. This partnership aims to enhance vaccine sales post-pandemic and provides Novavax with a substantial financial boost, reflected in a 40% surge in its stock price.