Novavax rockets on news of COVID-19 vaccine deal with Sanofi
French pharma major Sanofi (Euronext: SAN) says that, as part of its commitment to developing a diverse portfolio of best-in-class vaccines, it has entered into a co-exclusive licensing agreement with US biotech Novavax (Nasdaq: NVAX).
Shares of Novavax were up a 127.3% at $10.03 in pre-market trading this morning.
Sanofi is one of the world’s top producers of flu vaccines with sales of 2.7 billion euros ($2.9 billion) last year, but its early forays into the covid vaccines sector have not been particularly successful compared with jabs from the likes of Pfizer (NYSE: PFE) and BioNTech (Nasdaq: BNTX) and Moderna (Nasdaq: MRNA). However, the deal with Novavax is a chance to develop a combination flu-Covid jab.
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