On November 1, Novavax, Inc. NVAX and the U.Ok. Well being Safety Company, representing the U.Ok. Secretary of State for Well being and Social Care, signed a Termination and Settlement Settlement and an modification to resolve disputes over their up to date COVID-19 vaccine provide contract from July 1, 2022.
As per the SEC submitting, the settlement releases each events from any claims associated to that prior contract.
As a part of the settlement, Novavax and the U.Ok. Well being Safety Company agreed to finish the provision contract and settle disputed upfront funds Novavax beforehand acquired.
Underneath the phrases, Novavax will refund $123.8 million to the U.Ok. company in quarterly funds of $10.3 million over three years, with the ultimate cost due by June 30, 2027.
This quantity contains $11.3 million in curiosity, which might be averted if Novavax pays forward of schedule. In line with the modification, the primary quarterly cost is due on November 30, 2024.
The 2 events initially entered right into a COVID-19 vaccine provide deal in 2020, and the UK authorities agreed to buy 60 million doses of its COVID-19 vaccine.
The corporate’s protein-based adjuvanted shot NVX-CoV2373 was renamed Nuvaxovid after being approved by the U.Ok.’s Medicines and Healthcare Merchandise Regulatory Company (MHRA) in 2022.
Not too long ago, the FDA has positioned a medical maintain on Novavax’s Investigational New Drug (IND) software for its COVID-19-influenza mixture (CIC) and stand-alone influenza vaccine candidates.
The medical maintain is because of a spontaneous report of a critical opposed occasion (SAE) of motor neuropathy in a single CIC Part 2 trial participant exterior the U.S. who acquired the vaccine in January 2023.
Earlier in October, the European Fee authorized Novavax’s up to date 2024-2025 Nuvaxovid COVID-19 Vaccine (recombinant, adjuvanted) (NVX-CoV2705), dispersion for injection, to be used in people aged 12 and older to stop COVID-19 within the European Union.
Worth Motion: NVAX inventory is down 4.61% at $9.05 finally examine Wednesday.
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