Novavax stock price doubles on deal with Sanofi for COVID and flu shots

Novavax Inc (NASDAQ:NVAX) stock more than doubled, soaring 120%, after it landed a $1.4 billion deal with Sanofi for a new COVID-19 and flu shot.

The contract will see Novavax and Sanofi commercialize a combined vaccine.

Previously, in late 2023, Novavax was facing concerns it may fall into bankruptcy due to declining sales for its COVID vaccine.

Under its new contract with Sanofi, the company will receive $500 million upfront and another $700 million comes in future payments tied to the development, launch and sales milestones for the combi-jab.

Before the news, Novavax had a market capitalization of just under $630 million.

In New York, today, Novavax stock was up $5.35 or 119.35% changing hands at $9.81, giving the company a market value of $1.40 billion.

The news comes just days after AstraZeneca revealed it was retiring its COVID vaccine amid waning demand versus competitor jabs.