A health worker prepares a dose of the Novavax vaccine as the Dutch Health Service Organization starts with the Novavax vaccination program on March 21, 2022 in The Hague, Netherlands.
Novavax on Thursday said it will settle a bitter arbitration dispute with Gavi, a nongovernmental global vaccine organization, over a canceled Covid vaccine purchase agreement.
In 2022, Novavax terminated a purchase agreement with Geneva-based Gavi.
Under the settlement, Novavax has paid an initial $75 million to Gavi and will make deferred payments of $80 million each year through Dec. 31.
Analysts had previously told CNBC that Novavax could "be in trouble" if the arbitration forced it to pay the full $700 million to Gavi in 2023.
Persons:
Novavax, Gavi, bode, David Marlow
Organizations:
Dutch Health Service Organization, CNBC
Locations:
The Hague, Netherlands, Geneva, Novavax