- U.S. government invests £1.27 billion in Novavax under its "Operation Warp Speed" program.
- Operation Warp Speed also pledges £358 million to Regeneron Pharmaceuticals.
- Novavax named Frank Czworka as the Senior Vice President for Global Sales in June.
Novavax Inc. (NASDAQ: NVAX) said on Tuesday that it inked an agreement with the U.S. government that makes it liable to deliver 100 million doses of its candidate vaccine for COVID-19 in the U.S. by January 2021. In exchange, Novavax will receive £1.27 billion in funding from the government to test, manufacture, and commercialise its potential vaccine.
Shares of the company were reported about 35% up in premarket trading on Tuesday. The £4.61 billion company is currently more than 2000% up year to date in the stock market. Learn more about growth investing strategy.
Novavax names Frank Czworka as the Senior Vice President
The funding marks the largest so far under the U.S. government’s “Operation Warp Speed” program that aims at ramping up the development, manufacturing, and distribution of COVID-19 vaccines in the United States. Last week, Novavax named Frank Czworka as the Senior Vice President for Global Sales.
The Coalition for Epidemic Preparedness Innovations (CEPI) previously invested £3.18 million in Novavax and replenished it with a much broader £309 million funding in May to support its efforts in developing an effective vaccine for the novel respiratory disease. The U.S. Department of Defense also pledged £48 million to Novavax in June as it committed to delivering at least 10 million doses of its experimental COVID-19 treatment by the start of the next year.
Operation Warp Speed pledges £358 million to Regeneron
The government’s “Operation Warp Speed” also pledged £358 million to Regeneron Pharmaceuticals (NASDAQ: REGN) on Tuesday. The American biotechnology company recently started late-stage trials of its candidate antibody cocktail to assess its effectiveness in preventing and treating COVID-19 that has so far infected more than 3 million people in the United States and caused over 133,000 deaths.
The government scheme has so far invested £363 million in Johnson & Johnson, £387 million in Moderna, and £950 million in AstraZeneca to accelerate the development and manufacturing of an effective COVID-19 treatment.
Shares of Regeneron Pharmaceuticals were reported more than 1% up in premarket trading on Tuesday and jumped another 2% on market open. At £517 per share, the Tarrytown-based company is more than 70% up year to date in the stock market.
Regeneron’s performance in the stock market was reported slightly downbeat last year with an annual decline of less than 5%. At the time of writing, the American biotechnology company has a market capitalisation of £52.98 billion and a price to earnings ratio of 32.67.