Novavax stock jumps 50% as Sanofi deal kicks off turning point for struggling vaccine maker

Shares of Novavax jumped as much as 50% as Wall Street cheered a new multibillion-dollar deal with French drugmaker Sanofi that kicked off a dramatic turnaround for the struggling vaccine maker.

Some analysts said the deal will provide significant capital to Novavax and "validates" the company's protein-based vaccine platform.on Friday after it announced the licensing agreement with Sanofi. Novavax on Friday said the deal allows the company to remove its "going concern" warning, which it first issued in February 2023 due to

Under the agreement, Sanofi will take a less than 5% stake in Novavax. The deal also entitles Novavax to an upfront cash payment of $500 million and future payments contingent on certain milestones, as well as royalties. In a note on Sunday, Leerink Partners analyst David Risinger said he is interested to see how effective Sanofi is at raising consumer awareness about how the side effects of Novavax's Covid vaccine are easier for patients to tolerate compared to competing shots from Pfizer and Moderna.

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