Novavax To Sell Manufacturing Facility In Bohumil, Czech Republic To Novo Nordisk For $200 Mln

(RTTNews) - Novavax Inc. (NVAX) said that it agreed to sell its manufacturing facility in Bohumil, Czech Republic to Novo Nordisk for $200 million. The agreement includes a transfer of assets, including a 150,000-square foot state-of-the-art recombinant protein manufacturing facility with support buildings, along with the existing workforce and all related and required infrastructure.

Novavax noted that the agreement provides the company with significant non-dilutive capital, further enabling the company to advance its corporate growth strategy. This strategy aims to drive value from its early- and late-stage pipeline using its proven technology platform, which includes the Matrix-M adjuvant and nanoparticle protein-based technology. Along with the $190 million cash payment in 2024 and an additional $10 million in 2025, Novavax anticipates the facility sale will result in annual operating cost reductions of approximately $80 million.

Upon the closure of the agreement, expected by December 30, 2024, Novo Nordisk will assume full responsibility for the manufacturing facility.