Novavax stock jumps 50% as Sanofi deal kicks off turning point for struggling vaccine maker
Publishing timestamp: 2024-05-13 13:37:03
Summary
Novavax's shares surged 50% after striking a multibillion-dollar deal with Sanofi, removing its "going concern" warning. The deal includes upfront cash payment, future payments, and royalties, with Sanofi co-marketing Novavax's Covid vaccine and using its technology to develop new products. Analysts believe the deal will provide significant capital to Novavax and validate its protein-based vaccine platform.
Sentiment: POSITIVE
Tickers: SAN-FR, MRNA, NVAX, PFE, SNY,
Keywords: business news, breaking news, novavax inc, pfizer inc, health care industry, science, pharmaceuticals, biotech and pharmaceuticals, sanofi sa, business, moderna inc, biotechnology,
Source: https://www.cnbc.com/2024/05/13/novavax-stock-jumps-on-sanofi-covid-vaccine-deal.html