Novavax Stock Surges 120% on $1.4 Billion Deal With Sanofi

Novavax the pharmaceutical company that last year warned that falling sales of its Covid-19 vaccine could put it out of business, said it reached a $1.4 billion deal with French company Sanofi to commercialize its existing treatment and develop a new one. Shares spiked 120% in premarket trading to $10.02. Sanofi agreed to pay $500 million upfront and spend another $700 million when the company hits development, regulatory and launch milestones, Novavax said in a statement Friday.