Novavax stock doubles after Sanofi deal marks 'new chapter' for company

Novavax's stock soared by 120% following an announcement of a $1.2 billion investment from Sanofi, which will also take a minority stake in the biotech firm. This deal is seen as a lifeline for Novavax, which struggled financially after delays in its COVID-19 vaccine development caused it to miss the initial pandemic market surge.

The partnership includes a $500 million upfront payment and potential additional funds based on milestones related to vaccine co-commercialization and development. This new collaboration aims to leverage both companies' expertise in recombinant protein vaccines, potentially revitalizing Novavax's prospects and contributing to a broader vaccine development platform.