Maryland: Novavax Inc mentioned on Monday it had delivered a written realize to Gavi, the Vaccine Alliance, terminating with quick impact an agreement for the sale of the corporate’s COVID-19 vaccine to low- and middle-income international locations.
The corporate cited Gavi’s failure to obtain the 350 million doses it had agreed to shop for in Might closing 12 months for the COVAX facility.
The COVAX facility is a joint program between Gavi, the International Health Group (WHO) and the Coalition for Epidemic Preparedness Inventions for the equitable distribution of COVID vaccines in poorer international locations.
The termination has now not ended in any consequences, the corporate mentioned.
Novavax gained a non-refundable advance cost of $350 million from Gavi closing 12 months and an extra $350 million this 12 months after the vaccine were given the WHO’s emergency use record, the corporate mentioned.
Novavax additionally has a pact with Serum Institute of India for production a model of the vaccine beneath the logo Covovax, which might even be equipped to the COVAX facility.
Serum Institute was once anticipated to fabricate and promote round 750 million doses of Covovax to the power.
Novavax and Serum Institute weren’t instantly to be had to reply on whether or not that deal was once additionally terminated.
The announcement comes at the again of deficient call for for the corporate’s shot amid an international provide glut for COVID-19 vaccines and waning call for.
The corporate had previous this month reduce its full-year forecast another time, harm through past due authorizations of its vaccine globally. Covovax and Serum’s vaccines have been the 9th and 10th vaccine, respectively, to get the WHO’s emergency record.
Gavi was once now not instantly to be had to answer a request for remark.