Novavax stock spikes 29% after company snags $350 million from Canada for unused Covid shots
Publishing timestamp: 2023-07-10 16:07:50
Summary
Novavax's stock price jumped after Canada agreed to pay $350 million for forfeiting Covid vaccine doses. This settlement is part of an amended purchase agreement between Novavax and the Canadian government. The announcement provides hope for investors after Novavax raised doubts about its ability to stay in business earlier this year. However, the company still faces challenges in the competitive Covid vaccine market and a pending arbitration over a canceled vaccine purchase agreement.
Sentiment: MIXED
Keywords: health care industry, business, business news, pharmaceuticals, covid-19 vaccine rollout, moderna inc, novavax inc, biotechnology, biotech and pharmaceuticals, vaccinations, pfizer inc, canada,