Novavax amends Canada vaccine agreement; receives $349.6M in cash for forfeited doses

NOVAVAX INC

Canada pays $349.6M in two equal installments in 2023 for forfeited doses; first due upon execution.
Remaining vaccine doses reduced and delivery schedule revised; BMC to be used for bulk antigen production in 2024-2025.
Customer may terminate if Novavax fails to obtain regulatory approval for BMC by Dec 31, 2024.
Total contract value unchanged; parties to explore expanded in-country commitment via Invest Canada MOU with $20M escrow.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

NOVAVAX INC amended Amendment with His Majesty the King in right of Canada, as represented by the Minister of Public Works and Government Services valued at $349.6 million (effective 2023-06-30).

Action: amendment
Agreement: supply
Counterparty: His Majesty the King in right of Canada, as represented by the Minister of Public Works and Government Services
Value: $349.6 million
Effective: 2023-06-30

Exact text from the filing

On June 30, 2023, Novavax, Inc. (the “ Company ”) entered into an amendment (the “ Amendment ”) to its advanced purchase agreement (the “ Advanced Purchase Agreement ”) with His Majesty the King in right of Canada, as represented by the Minister of Public Works and Government Services, as successor in interest to Her Majesty the Queen in right of Canada, as represented by the Minister of Public Works and Government Services (the “ Customer ”), dated January 19, 2021.

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Source: SEC EDGAR

accession 0001104659-23-079096

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