Novavax (NVAX) shares are skyrocketing after announcing a $1.2 billion deal with Sanofi (SNY) to commercialize a combined COVID-19 and flu shot. Yahoo money management’s Anjalee Khemlani joins The Morning Brief to report more on the story.
The Novavax-Sanofi deal also includes co-commercialization of the COVID-19 vaccine currently on the sector. Novavax will be entitled to an additional $200 million for any new vaccines involving its adjuvant. Sanofi will receive a minority stake of less than 5% in Novavax and will invest $70 million.
Shares of Novavax jumped more than 120% following the news.
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