Novavax to assign Gaithersburg, Md. facility to AstraZeneca in $60B deal

[relief of handshake]
Henrik Sorensen

Novavax (NASDAQ:NVAX [https://seekingalpha.com/symbol/NVAX]) on Wednesday announced an agreement to assign its Gaithersburg, Maryland, facility and certain assets to AstraZeneca (NASDAQ:AZN [https://seekingalpha.com/symbol/AZN]) as part of a deal worth nearly $60M.

The COVID-19 vaccine maker disclosed in a regulatory filing that it will assign the lease agreement for its 700 Quince Orchard Road facility and several a [https://www.sec.gov/ix?doc=/Archives/edgar/data/1000694/000110465925101390/tm2529188d1_8k.htm]djacent assets, generating $59.8M in proceeds from the Anglo-Swedish pharma giant.

In connection with the transaction, the company said it expects an initial payment worth $20M in Q4 and the remainder in Q1 2026.

NVAX added that as part of the move, it has relocated its corporate headquarters from 700 Quince Orchard Road to 21 Firstfield Road, Gaithersburg, MD, and intends to recognize an impairment charge of $96M - $98M.

"This consolidation of our facilities in Maryland results in upfront cash and significant cash savings related to our lease liabilities and future operating costs while enabling Novavax to better focus on pipeline and technology investments,” CEO John Jacobs added. [https://seekingalpha.com/pr/20274915-novavax-executes-planned-site-consolidation-further-reducing-cost-footprint-in-line-with]

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