Novavax (NVAX, Financial) has sold its Czech manufacturing facility to Novo Nordisk (NVO) for $200 million. This move comes as Novavax faces declining sales of its COVID-19 vaccine, its only marketed product. The sale includes a 150,000-square-foot protein manufacturing facility, existing workforce, and infrastructure.
The transaction is expected to reduce Novavax's annual operating costs by approximately $80 million. Additionally, the company will receive $190 million in cash in 2024 and an extra $10 million in 2025. The deal aligns with Novavax's strategy to streamline operations and focus on its pipeline assets and technology platform. Completion is anticipated by December 2024.
