Novavax: Covid shots became commodities faster than imagined
This is shaping up to be an unpredictable few months for Novavax. The biotech company’s Covid-19 vaccine finally received US regulatory approval only last summer. Yet this week it warned that there was “substantial doubt” over its ability to stay in business until next year.
At its peak in September 2021, the biotech group had a market value of more than $20bn. It is now worth less than $600mn. Novavax pitched its protein-based vaccine as an alternative to those offered by Moderna and BioNTech/Pfizer. It hoped to target the tens of millions of Americans who remain unvaccinated.
This story originally appeared on: Financial Times - Author:Faqs of Insurances
