Novavax Enters Amendment to Advanced Purchase Agreement with Commonwealth of Australia

Novavax, Inc. (“Novavax” or the “Company”) has recently disclosed an Amendment to the Advanced Purchase Agreement with the Commonwealth of Australia as Represented by the Department of Health and Aged Care. The Amendment, marked as Amendment #5, was entered into on December 12, 2024.

Under this Amendment, Novavax acknowledged the cancellation by the Commonwealth of the scheduled delivery of specific doses of the Company’s COVID-19 Vaccine, which were initially set for delivery between the fourth quarter of 2023 and the fourth quarter of 2025. As part of the agreement, approximately $31 million of the advanced payment made by the Commonwealth to Novavax pursuant to the Advanced Purchase Agreement will be credited against outstanding invoices and future invoices for around 3 million doses of the COVID-19 Vaccine. This credit will not necessitate additional cash payments. Additionally, the updated delivery schedule allows for the potential delivery of the COVID-19 Vaccine or future variant COVID-19 Vaccine until the end of 2029.

The Amendment outlines certain remedies for the Commonwealth, which include provisions for the return of unused credit, cancellation of doses, or termination of the Agreement in case Novavax misses or under delivers doses to the Commonwealth. Furthermore, the Commonwealth reserves the right to cancel doses if Novavax fails to timely notify the Commonwealth of any alterations to its commercialization plans or in the event of the Company failing to receive regulatory approval for a variant COVID-19 vaccine.

This summary of the Amendment does not encompass all the details and provisions therein. The full Amendment document will be submitted as an exhibit to Novavax’s Annual Report on Form 10-K for the year ending December 31, 2024, which will be filed with the Securities and Exchange Commission.

On December 18, 2024, Novavax, Inc. was signed on behalf of the Company by Mark J. Casey, Executive Vice President, Chief Legal Officer, and Corporate Secretary.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Novavax’s 8K filing here.

Novavax Company Profile

Novavax, Inc, a biotechnology company, that promotes improved health by discovering, developing, and commercializing vaccines to protect against serious infectious diseases. It offers vaccine platform that combines a recombinant protein approach, nanoparticle technology, and its patented Matrix-M adjuvant to enhance the immune response.