Novavax settles dispute with Gavi on 2021 COVID-19 vaccine advance purchase deal
US protein-based vaccine developer Novavax (Nasdaq: NVAX) and Gavi, the Vaccine Alliance (Gavi) today announced they have reached a settlement related to the 2021 Advance Purchase Agreement (APA) for Novavax's prototype COVID-19 vaccine (NVX-CoV2373).
This agreement brings the pending arbitration related to the APA to a close, said Novavax, whose shares closed up 22.6% at $4.88 following the announcement yesterday.
With the goal of furthering a joint commitment to public health, Novavax and Gavi have agreed to terms that will prioritize Gavi's and Novavax's shared mission to save lives and protect people's health by increasing equitable and sustainable use of vaccines. Under the terms, Novavax has made an initial payment of $75 million to Gavi and has agreed to make deferred payments of $80 million annually through December 31, 2028, which are due in quarterly installments and total up to $400 million.
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