Shares of Novavax Inc (NVAX) surged 6.63% in Wednesday's intraday trading session, as the biotechnology company announced the sale of its manufacturing facility in Bohumil, Czech Republic, to Danish pharmaceutical giant Novo Nordisk for $200 million.
According to reports, Novavax intends to utilize the proceeds from this divestment to fund its vaccine pipeline development. The sale comes as Novavax aims to focus its resources on its core vaccine business and streamline operations following the COVID-19 pandemic.
Investors reacted positively to the news, viewing the sale as a strategic move that will provide Novavax with additional capital to advance its promising vaccine candidates. The company's decision to divest a non-core asset was seen as a step towards strengthening its financial position and concentrating on its core competencies.
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