Novavax Inc. (NVAX) has announced the sale of its Bohumil, Czech Republic manufacturing facility to Novo Nordisk for $200 million. This transaction includes the transfer of assets associated with a cutting-edge 150,000-square-foot recombinant protein manufacturing facility, complete with support buildings, the existing workforce, and all necessary infrastructure.
This agreement provides Novavax with substantial non-dilutive capital, thereby bolstering its corporate growth strategy. This strategy focuses on leveraging its early- and late-stage pipeline through its established technology platform, which features the Matrix-M adjuvant and protein-based nanoparticle technology. Novavax is set to receive a $190 million cash payment in 2024, followed by an additional $10 million in 2025. The company also projects that the sale will result in annual operational cost savings of roughly $80 million.
Following the anticipated closure of the agreement by December 30, 2024, Novo Nordisk will take full responsibility for the operation of the manufacturing facility.
