Novavax (NVAX) announced that it has signed a definitive agreement to sell its manufacturing facility in Bohumil, Czech Republic to Novo Nordisk (NVO) for $200M. The agreement includes a transfer of assets, including a 150,000-square foot recombinant protein manufacturing facility with support buildings, along with the existing workforce and all related and required infrastructure. The agreement provides Novavax with non-dilutive capital. In addition to the $190M cash payment in 2024 and additional $10M in 2025, Novavax expects the sale of the facility to result in annual operating cost reductions of approximately $80M. Following closure of the agreement, expected by December 30, full responsibility for the manufacturing facility will be transferred to Novo Nordisk.
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