Novavax Inc. (NVAX) saw its stock surge 7.61% over a 24-hour period, driven by the company's announcement of selling its manufacturing facility in Bohumil, Czech Republic, to Novo Nordisk for $200 million.
The agreement involves the transfer of a 150,000-square foot state-of-the-art recombinant protein manufacturing facility, along with the existing workforce and related infrastructure. Novavax will receive a cash payment of $190 million in 2024 and an additional $10 million in 2025.
According to Novavax, the sale aligns with the company's strategy to evolve into a leaner and more agile organization focused on partnering its pipeline assets and proven technology platform. Moreover, the company expects annual operating cost reductions of approximately $80 million from the sale.
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