Novavax (NVAX.US) rises over 12% after selling its Czech factory

Novavax NVAX.US shares climbed on Friday, up more than 12% at the time of writing to $9.355. The news was that Novavax had sold its manufacturing facility in the Czech Republic to Novo Nordisk NVO.US for $200 million. According to a statement released on Wednesday, Novavax will transfer a 150,000 square foot recombinant protein manufacturing facility and associated buildings, existing workforce, and all related and necessary infrastructure to Novo Nordisk. Novavax expects the sale of the facility to reduce its annual operating costs by approximately $8 million, in addition to the $190 million in cash payments in 2024 and an additional $10 million in 2025. Novavax President and CEO John C. Jacobs said, "The decision to sell the Novavax manufacturing plant in the Czech Republic aligns with our previously announced commitment to transform Novavax into a more streamlined and agile organization, focused on our pipeline assets and technology platforms."