Novavax stock jumps 50% as Sanofi deal kicks off turning point for struggling vaccine maker

Novavax said the deal with Sanofi allows it to remove its 'going concern' warning, which it first issued last year due to doubts about staying afloat.

Shares of Novavax jumped as much as 50% as Wall Street cheered a new multibillion-dollar deal with French drugmaker Sanofi that kicked off a dramatic turnaround for the struggling vaccine maker.

Some analysts said the deal will provide significant capital to Novavax and "validates" the company's protein-based vaccine platform.on Friday after it announced the licensing agreement with Sanofi. Novavax on Friday said the deal allows the company to remove its "going concern" warning, which it first issued in February 2023 due to

Under the agreement, Sanofi will take a less than 5% stake in Novavax. The deal also entitles Novavax to an upfront cash payment of $500 million and future payments contingent on certain milestones, as well as royalties. In a note on Sunday, Leerink Partners analyst David Risinger said he is interested to see how effective Sanofi is at raising consumer awareness about how the side effects of Novavax's Covid vaccine are easier for patients to tolerate compared to competing shots from Pfizer and Moderna.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

CNBC /  🏆 12. in US

Biotechnology Biotech And Pharmaceuticals Pharmaceuticals Health Care Industry Sanofi SA Novavax Inc Science Sanofi SA Pfizer Inc Moderna Inc Breaking News Business News

United States Latest News, United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Americans Burn 50% Less Fossil Fuel in Their Homes Than They Did 50 Years AgoAmericans burn much less fossil fuel in their homes on average and use much more electricity compared to half a century ago.
Read more »

'50/50 Flip's Dedric and Krystal Polite Share Secrets of Success [Interview]Dedric and Krystal Polite of &39;50/50 Flip&39; 
Read more »

In 50-50 Georgia, unhappiness with the choices but urgency about votingRebel Teahouse is Christine Nguyen’s business. And her happy place.
Read more »

The 50 Best Bars in North America, According to the '50 Best' List (2024)This year, the coveted top spot went to Mexico's Handshake Speakeasy. Read on for the rest of the list.
Read more »

Novavax stock explodes 75% on Sanofi partnershipNovavax stock explodes 75% on Sanofi partnership
Read more »

Novavax strikes $1.2 billion deal with Sanofi in major turnaroundIt's a major turnaround for a drug company that warned last year about its ability to stay in business.
Read more »