- 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 platform
- Provides Novavax with $190
million cash payment in 2024 and additional $10 million in 2025, and annual operating cost
reductions of approximately $80
million
GAITHERSBURG, 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.
The 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.
"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."
Following closure of the agreement, expected by December 30, 2024, full responsibility for the
manufacturing facility will be transferred to Novo Nordisk.
About Novavax
Novavax, 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 Gaithersburg, Md., U.S., offers a
differentiated vaccine platform that combines a recombinant protein
approach, innovative nanoparticle technology and Novavax's patented
Matrix-M adjuvant to enhance the immune response. The Company's
portfolio includes its COVID-19 vaccine and its pipeline includes
its COVID-19-Influenza Combination and stand-alone influenza
vaccine candidates. In addition, Novavax's adjuvant is included in
the University of Oxford and Serum
Institute of India's R21/Matrix-M™
malaria vaccine. Please visit novavax.com and LinkedIn for more
information.
Forward-Looking Statements
Statements herein relating
to the proposed sale of Novavax's Czech
Republic manufacturing site, the expected timing of
completion of the proposed sale, the receipt of the consideration
to be received for the proposed sale, the anticipated operating
cost reductions and Novavax's corporate growth strategy, value
drivers and priorities are forward-looking statements. Novavax
cautions that these forward-looking statements are subject to
numerous risks and uncertainties that could cause actual results to
differ materially from those expressed or implied by such
statements. These risks and uncertainties include, without
limitation, the inability of the parties to complete the proposed
sale, including due to the failure to satisfy the condition
precedent to the closing of the sale; the risk that the proposed
sale disrupts Novavax's plans and operations; the inability to
recognize the anticipated operating cost reductions and other
anticipated benefits of the proposed sale; unanticipated costs
related to the proposed sale challenges satisfying, alone or
together with partners, various safety, efficacy and product
characterization requirements, including those related to process
qualification and assay validation, necessary to satisfy applicable
regulatory authorities; difficulty obtaining scarce raw materials
and supplies; resource constraints, including human capital and
manufacturing capacity, on the ability of Novavax to pursue planned
regulatory pathways; challenges or delays in conducting clinical
trials; challenges in implementing its global restructuring and
cost reduction plan; challenges meeting contractual requirements
under agreements with multiple commercial, governmental, and other
entities, challenges related to the seasonality of vaccinations
against COVID-19; and those other risk factors identified in the
"Risk Factors" and "Management's Discussion and Analysis of
Financial Condition and Results of Operations" sections of
Novavax's Annual Report on Form 10-K for the year ended
December 31, 2023 as filed with the
Securities and Exchange Commission (SEC). We caution investors not
to place considerable reliance on forward-looking statements
contained in this press release. You are encouraged to read
our filings with the SEC, available at www.sec.gov and
www.novavax.com, for a discussion of these and other risks and
uncertainties. The forward-looking statements in this press release
speak only as of the date of this document, and we undertake no
obligation to update or revise any of the statements. Our business
is subject to substantial risks and uncertainties, including those
referenced above. Investors, potential investors, and others should
give careful consideration to these risks and uncertainties.
Contacts:
Investors
Luis Sanay, CFA
240-268-2022
ir@novavax.com
Media
Giovanna Chandler
240-720-7804
media@novavax.com
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SOURCE Novavax, Inc.