Novavax Soars on $1.2 Billion Sanofi Vaccine Licensing Deal
- French drugmaker gains access to Covid shot and other tech
- Sanofi also takes a small stake in Maryland-based company
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Novavax Inc. shares surged after the company signed a $1.2 billion licensing agreement with Sanofi that includes commercializing a combined Covid-19 and flu shot.
Novavax will receive $500 million in upfront payments as well as a further $700 million if all development, regulatory and launch milestones are met, according to a statement Friday. Novavax, which will receive tiered royalties on any vaccine sales, said Sanofi is also taking a minority equity stake of about 5% in the US company.