Sanofi, Pfizer and AstraZeneca have teamed up to make a substantial investment of €2.5bn in biomanufacturing projects based in France. This endeavor serves as a great turn of events for underperforming vaccine manufacturer, Novavax, as its stock jumps 50% following the kick off of the Sanofi partnership.
Sanofi also gained rights to Fulcrum's muscular dystrophy treatment priced at over $1bn. The pharmaceutical giant plans to bolster its position post-pandemic with a $1.2 bn deal with Novavax to develop a COVID-flu combo vaccine. Additionally,
Sanofi pledges more than €1 bn worth of investments in French production sites. Novavax shares witnessed a surge, nearly doubling in value following the licensing deal. Interestingly, Novavax became a meme stock following the partnership announcement. However, amidst these positive developments,
Sanofi encountered its share of struggles with worsening generic competition and currency effects impacting its profits. The company also plans to overhaul its US operations, addressing job cuts in the process.
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