Shares of Novavax jumped as much as 50% on Monday as Wall Street cheered the company's new multibillion-dollar deal with French drugmaker Sanofi that sparked a dramatic turnaround for the struggling vaccine maker.
Novavax's stock almost doubled on Friday after it announced the licensing agreement with Sanofi.
Under the agreement, Sanofi will take a less than 5% stake in Novavax.
Sanofi, one of the world's largest vaccine makers, will co-market Novavax's Covid vaccine in most countries starting in 2025.
The deal also allows Sanofi to use Novavax's Covid shot and flagship vaccine technology, Matrix-M adjuvant, to develop new vaccine products.
Persons:
Novavax, Sanofi, John Jacobs
Organizations:
French, Sanofi, Novavax, CNBC
Locations:
Novavax