$349 Million Payment for Unused COVID-19 Vaccines

Novavax Inc. announced yesterday that it had reached an agreement with Canada, under which the country would pay $349.6 million to settle the forfeiting of certain doses of the company’s protein-based COVID-19 vaccine.

Novavax COVID-19 vaccine brands include Nuvaxovid™, CovoVax, NVX-CoV2373, and TAK-019.

Since authorization, over 100 million doses of Nuvaxovid have been distributed globally in about 40 markets.

As reported by BNN on July 7, 2023, this development results from a significant decrease in global demand for COVID-19 vaccines, leading to a surplus of unused doses.

The World Health Organization weekly epidemiological update edition #150 confirmed that during the previous 28 days, the COVID-19 pandemic has declined since mid-2022.

In addition to the settlement, Novavax also entered into a revised contract with Canada’s public works and government services department.

The terms of the advance purchase contract were amended to reflect the reduced number of vaccine doses due for delivery and the revised schedule for the remaining doses.

On June 6, 2023, the U.S. Food and Drug Administration confirmed Novavax COVID-19 Vaccine, Adjuvanted, was available in the U.S. for certain people. And on July 6, 2023, Nuvaxovid received Full Marketing Authorization in Europe as a primary series in individuals aged 12 and older and booster in adults.