secwatch.observer — SEC 8-K summary
======================================

Issuer:     NOVAVAX INC (NVAX)
CIK:        0001000694
Form:       8-K
Filed at:   2022-11-21T23:59:59+00:00
Accession:  0001104659-22-120848
Event type: other_material
Sentiment:  negative
Materiality: 0.85
Item codes: 1.02
LLM model:  deepseek-v4-flash:cloud@v2

Novavax terminates Gavi APA for 350M doses; retains $700M in advances
---------------------------------------------------------------------

- Terminated Gavi Advance Purchase Agreement effective Nov 18, 2022, citing material breach for failure to procure 350M doses.
- Only ~2M doses ordered under APA; Novavax received $700M in non-refundable advances ($350M in 2021, $350M in 2022).
- Novavax maintains Gavi has no right to recover any portion of the $700M due to its breach.
- No termination penalties incurred; company had delivered only approximately 2M of the 350M committed doses.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1000694/000110465922120848/0001104659-22-120848-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1000694/000110465922120848/tm2231040d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-22-120848

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer