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Novavax said it would receive $350 million from Canada for canceled vaccine doses.
Karen Ducey/Getty Images
Covid-19 manufacturer actions
Novavax
rose after the company announced it would receive $350 million from Canada to settle lost vaccine doses that were due to be delivered.
The payment will be made in two equal installments this year, according to a securities filing Friday.
Novavax
(ticker: NVAX) gained 25% on Monday, a welcome boost for investors as stocks have fallen around 12% in 2023 and around 87% in the past year.
In February, the company said there was “substantial doubt” about its ability to continue operating this year. But in May, the company announced it would cut its workforce by about 500 people and cut research and development and operating expenses, sending the stock soaring as investors bet the move would allow Novavax to bring in new hits in the market. Novavax also said it was working on three candidate vaccines, all of which were well tolerated, demonstrated a reassuring preliminary safety profile and had robust preliminary immune responses.
Write to Emily Dattilo at emily.dattilo@dowjones.com