Business
Novavax Announces Sale of Czech Republic Manufacturing Site to Novo Nordisk for $200 Million
Agreement provides significant, non-dilutive capital to Novavax, further enabling the Company to advance its corporate growth strategy of driving value from
About this update from Novavax, Inc.
[{"type":"text","content":"Agreement provides significant, non-dilutive capital to Novavax, further enabling the Company to advance its corporate growth strategy of driving value from its pipeline assets and proven technology platformProvides Novavax with $190 million cash payment in 2024 and additional $10 million in 2025, and annual operating cost reductions of approximately $80 millionGAITHERSBURG, Md., Dec. 4, 2024 /PRNewswire/ -- Novavax, Inc. (Nasdaq: NVAX), a global company advancing protein-based vaccines with its Matrix-M™ adjuvant, today announced that it has signed a definitive agreement to sell its manufacturing facility in Bohumil, Czech Republic to Novo Nordisk for $200 million. The agreement includes a transfer of assets, including a 150,000-square foot state-of-the-art recombinant protein manufacturing facility with support buildings, along with the existing workforce and all related and required infrastructure.\nThe agreement provides Novavax with significant, non-dilutive capital, further enabling the Company to advance its corporate growth strategy to drive value from its early- and late-stage pipeline using its proven technology platform, consisting of Matrix-M adjuvant and nanoparticle protein-based technology. In addition to the $190 million cash payment in 2024 and additional $10 million in 2025, Novavax expects the sale of the facility to result in annual operating cost reductions of approximately $80 million.\n\"The decision to sell the Czech Republic manufacturing facility aligns with our previously announced commitment to evolve Novavax into a more lean and agile organization focused on partnering our pipeline assets and technology platform,\" said John C. Jacobs, President and Chief Executive Officer, Novavax. \"We are thankful to our dedicated colleagues in the Czech Republic who have contributed to Novavax's mission of delivering our technology to address unmet needs. We look forward to working with Novo Nordisk to ensure a successful transition.\"\nFollowing closure of the agreement, expected by December 30, 2024, full responsibility for the manufacturing facility will be transferred to Novo Nordisk.\nAbout NovavaxNovavax, Inc. (Nasdaq: NVAX) promotes improved health by discovering, developing and commercializing innovative vaccines to help protect against serious infectious diseases. Novavax, a global company based in Gaith...