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  • Novavax settles...

Novavax settles dispute with Gavi

Written By : Ruchika Sharma |Medically Reviewed By : Dr. Kamal Kant Kohli Published On 2024-02-23T11:30:14+05:30  |  Updated On 22 March 2024 3:26 PM IST
Novavax settles dispute with Gavi
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Novavax has agreed to pay back international vaccine group Gavi at least $475 million in cash or vaccines by the end of 2028, settling a dispute over canceled orders that created financial uncertainty for the U.S. maker of COVID-19 shots.

Shares of the company rose 23.2% to $4.91 on Thursday.
Its stock has dropped nearly 60% since the company last year raised doubts about its ability to remain in business. Nearly half of Novavax's free float shares were in short position, as of Jan. 31.
Gavi, an alliance that co-finances vaccine purchases with low-income countries, paid Novavax $700 million over 2021 and 2022 for up to 350 million doses of its COVID vaccine.
Novavax, which launched its vaccine after several competitors due to manufacturing and regulatory delays, did not deliver any doses before the contract's deadline at the end of 2022.
The settlement "really clears the deck of the most significant single uncertainty and liability that we had on our books," Novavax Chief Executive John Jacobs said in an interview.
"Removing it absolutely gives us more flexibility and it makes us more attractive as a future business partner to do deals," he added.
Novavax has said that pending arbitration with Gavi was one of the main overhangs on the company. The vaccine alliance had filed a demand for arbitration with the International Court of Arbitration, a hearing that had been scheduled for later this year.
Under terms of the settlement, Novavax has made an initial payment of $75 million to Gavi and will pay another $80 million a year in quarterly installments through 2028. That amount could be reduced if Gavi chooses to receive vaccines instead.
If demand for vaccines exceeds $80 million a year, Novavax will provide an additional vaccine credit of up to $225 million through the five-year term of the settlement.
Jacobs said the structure of the settlement eliminates the potential risk of a large one-time payment this year and will allow Novavax to manage its cash and cash flow. He said the present value of the settlement is estimated to be between $300 and $400 million.

Original news source: https://www.reuters.com/business/healthcare-pharmaceuticals/novavax-settles-dispute-with-international-vaccine-group-gavi-2024-02-22/

Read also: Novavax updated COVID vaccine gets Emergency Use Listing from WHO

novavaxnovavax newsgavicoronavirus vaccine
Ruchika Sharma
Ruchika Sharma

    Ruchika Sharma joined Medical Dialogue as an Correspondent for the Business Section in 2019. She covers all the updates in the Pharmaceutical field, Policy, Insurance, Business Healthcare, Medical News, Health News, Pharma News, Healthcare and Investment. She has completed her B.Com from Delhi University and then pursued postgraduation in M.Com. She can be contacted at editorial@medicaldialogues.in Contact no. 011-43720751

    Dr. Kamal Kant Kohli
    Dr. Kamal Kant Kohli

    Dr Kamal Kant Kohli-MBBS, DTCD- a chest specialist with more than 30 years of practice and a flair for writing clinical articles, Dr Kamal Kant Kohli joined Medical Dialogues as a Chief Editor of Medical News. Besides writing articles, as an editor, he proofreads and verifies all the medical content published on Medical Dialogues including those coming from journals, studies,medical conferences,guidelines etc. Email: drkohli@medicaldialogues.in. Contact no. 011-43720751

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