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Novavax, Inc. (NVAX) and Gavi, the Vaccine Alliance, have reached a settlement related to the 2021 Advance Purchase Agreement for Novavax's prototype COVID-19 vaccine, NVX-CoV2373. ....
Novavax said on Thursday it has agreed to pay back international vaccine group Gavi at least $475 million in cash or vaccines by the end of 2028, settling a dispute over canceled orders that had created financial uncertainty for the U.S. maker of COVID-19 shots. Gavi, an alliance that co-finances vaccine purchases with low-income countries, paid Novavax $700 million over 2021 and 2022 for up to 350 million doses of its COVID vaccine. Novavax, which launched its vaccine after several competitors due to manufacturing and regulatory delays, did not deliver any doses before the contract's deadline at the end of 2022. ....
By settling now and agreeing to deferred payments over the next five years, Novavax avoids the risk of being responsible for a much bigger payout all at once. The arbitration hearing over the disputed vaccine purchase agreement with Gavi was scheduled for this summer. ....