Shares of Covid-19 manufacturer
Novavax
were surging after the company said it will receive $350 million from Canada to settle forfeited vaccine doses that were supposed to be delivered.
The payment will be made in two equal installments this year, according to a securities filing on Friday.
Novavax (ticker: NVAX) gained 30% on Monday, a welcome boost for investors as shares have fallen about 12% in 2023, and roughly 87% over the past year.
In February, the company said there was “substantial doubt” about its ability to continue operating through this year. But in May, the company said it would slash its workforce by about 500 people and lower its research-and-development and operating expenses, sending the stock higher as investors bet the decision would allow Novavax to bring new shots to the market. Novavax also said it was working on three vaccine candidates, all of which were well-tolerated, demonstrated a reassuring preliminary safety profile, and had robust preliminary top-line immune responses.
Write to Emily Dattilo at [email protected]
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