Novavax Shares Pop Another 50% Following Sanofi Deal
By Ben Glickman
Shares of Novavax continued their ascent on Monday, adding to gains from last week after the company announced a licensing deal with Sanofi.
The stock was up 50% to $13.31 in afternoon trading, reaching its highest intraday level since December 2022. Shares roughly doubled on Friday following the news, and are now up more than threefold in the last three months.
Novavax said Friday morning that it had agreed to a licensing deal with Sanofi to commercialize its Covid-19 vaccine worldwide. The company said it would receive up to $1.4 billion under the deal, inclusive of milestone payments.
Sanofi will have the sole license to use the Covid-19 vaccine in combination with its flu vaccine.
Write to Ben Glickman at ben.glickman@wsj.com
(END) Dow Jones Newswires
May 13, 2024 14:14 ET (18:14 GMT)
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