face to face between Global Alliance for Vaccines and Immunization y Novavax on account of the pandemic. The association promoted by Bill Gates to bring the vaccine to developing countries claims a total of 1,400 million dollars from a group of pharmaceutical companies with which it once sealed advances for doses already canceled.
Among these companies under focus are both Johnson & Johnson and Novavax after not having reached agreements with which Gavi initialed with Modern he Indian Serum Institute and several Chinese manufacturers to cancel now unnecessary doses.
In the case of Novavax, which had chosen the Galician Biofabri (Zendal branch) as a partner for the production of antigens for the European market, the claim amounts to $700 million. According to the New York Times newspaper, Gavi expected Novavax deliveries to start in the summer of 2021. It was then that the first payment of 350 million was made, to which another 350 million euros would later be added in 2022 after receiving authorization. of emergency use of the compound by the World Health Organization (WHO).
The biotech believes that Gavi you are not entitled to recover any part of these advance payments in breach of contract. Specific, Gavi would not have acquired the 350 million doses that it committed in May 2021, a version that opposes that of the organization. A spokesman told Reuters months ago that Novavax was not able to make a single dose available to you within 18 months of signing the agreement.
That is why Novavax is now refusing to return any advance it received from an organization that major drugmakers left behind to seal deals with high-income countries. In addition, by the time these vaccines began to arrive in a constant flow, the demand had already been reduced due to the remission of the crisis due to the Covid-19.
In this sense, the program Covaxdriven by his own Gavithe Coalition for Epidemic Preparedness Innovations (CEPI) and the World Health Organization (WHO), failed to meet the goal set by the WHO of reaching 70% of the population of each country. Vaccine makers are expected to pocket a total of $13 billion for doses distributed through Covax.
Novavax sinks in the stock market
Novavaxwhose agreement with Zendal revolved only around vaccines for the European market, cut its revenue forecast in half last August by anticipating no more sales in the United States during the year. These bad omens have had an impact on the company’s listing on the stock market. Not surprisingly, Novavax has gone from trading around $300 per share to the current $9.88.
Expert estimates announce that the company repeated red numbers in 2022. According to their calculations, Novavax would have closed the year with losses of 546 million dollars, compared to the 1,744 million registered in the previous year.
