Health
Novavax to Cut a Quarter of Global Workforce as Covid Eases
- Covid vaccine maker to consolidate facilities, infrastructure
- The shares had fallen about 86% over the prior 12 months
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Novavax Inc. shares gained the most in two years after the Covid-19 vaccine maker announced a restructuring plan that includes cutting about 25% of its global workforce.
The company will also consolidate its facilities and infrastructure, according to a statement Tuesday. A spokesperson declined to give a number for the global workforce, which includes both employees and contractors. Novavax had just under 2,000 employees at the end of last year.