Sanofi announced a deal worth up to $1.4 billion with Novavax on Friday for its COVID-19 vaccine, giving the Maryland-based biotech a much-needed boost to its struggling business.
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Hedge fund Shah Capital on Monday urged Novavax shareholders to vote against the re-election of three directors and opposed proposals related to executive compensation, weeks after pushing for a board shakeup at the COVID-19 vaccine maker.
Novavax reported fourth-quarter 2023 revenue and earnings on Wednesday that missed Wall Street expectations, causing the company’s stock price to fall more than 25% in morning trading.
The updated Novavax shot, which was authorized in the U.S. last month, targets a descendant of the XBB lineage of the coronavirus that was globally predominant earlier this year.
The U.S. Food and Drug Administration said on Tuesday it authorized an updated version of Novavax’s COVID-19 vaccine for emergency use in individuals aged 12 years and older, and the company’s shares closed 8% higher.
The agency did not choose to target the shots at specific high-risk populations as some experts have suggested, and other countries have recommended. The shots are part of a push by public health officials to align the next COVID vaccines more closely with the actual circulating variant of the virus, much as annual flu shots are designed.
A U.S. Centers for Disease Control and Prevention (CDC) advisory panel is due on Tuesday to recommend whether the updated COVID-19 shots formulated by vaccine manufacturers should be given broadly or just to specific populations at higher risk during this fall’s vaccination campaign.
Pfizer and Moderna said their updated vaccines, which target the XBB.1.5 subvariant of the virus, were expected to be available for most people in the United States in the coming days. The FDA approved those shots for people ages 12 and above, and authorized them for emergency use in children ages 6 months through 11 years.
A panel of independent advisers to the Centers for Disease Control and Prevention (CDC) will meet next month to make recommendations on updated COVID-19 vaccines ahead of the fall season, according to a U.S. government website on Friday.