Welcome Beat readers,
Happy holidays and turkey day.
This is the time of year that some companies drop lousy news that might get less attention as people enjoy greens, beans, potatoes, chicken, turkey, you name it, at the dinner table with family and friends.
One such item came this week in the medical space as Novavax announced it was terminating its contract with an international vaccine alliance.
Another is the aftershocks in the cryptoworld due to FTX’s bankruptcy and what it could mean for crypto startups.
But enough from me, read about it for yourself.
Novavax Inc. has ended a contract with Gavi, the Vaccine Alliance, contending the global nonprofit reneged on its agreement to buy 350 million doses of the Gaithersburg biotech’s Covid-19 vaccine.
But Gavi said Novavax never delivered on its promise to supply those doses per the contract — and that the nonprofit will therefore seek to recover payments it made to Novavax under their agreement.
At stake is $700M — $350M Gavi paid to Novavax as an advance in 2021 and another $350M it paid out in 2022 when the World Health Organization authorized Novavax’s vaccine for emergency use in dozens of countries.
Here’s the full story.
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