On Tuesday, Novavax (NASDAQ: NVAX) said it has entered into a termination and settlement agreement with the UK Health Security Agency (UKHSA) related to its COVID-19 vaccine supply agreement.
Under the terms of the deal, the company and the UKHSA agreed to settle the outstanding amount under dispute related to upfront payments received by Novavax from the health agency.
Novavax has agreed to refund $123.8 million to the health agency in equal quarterly installments of $10.3 million over a three-year period, ending on June 30, 2027, a filing showed.
The first installment payment is due on November 30.
(Source: Reuters)
