According to a securities filing with the U.S. Securities and Exchange Commission (SEC) by Novavax Inc. of Gaithersburg, Maryland on June 30, 2023, the government of Canada will pay the company $349.6 million to settle the forfeiting of doses of its Nuvaxovid recombinant protein COVID-19 vaccine previously ordered and scheduled for delivery.1 2
Nuvaxvoid was licensed by Health Canada on Feb. 17, 2022 as a primary series in individuals 18 years of age and older.3 This was followed by the government’s approval of a booster shot on Nov. 18, 2023 for adults 18 years or older and,4 on Dec. 7, 2022, for use as a primary series in children 12 to 17 years old.5
The demand for COVID vaccines has declined in Canada. In 2022, Canada destroyed 13.6 million expired doses of the AstraZeneca/Oxford University’s Vaxzevria adenovirus vectored COVID vaccine, more than half of all the doses the country purchased, because it was unable to find other nations willing to take the vaccine, despite volunteering to donate them.6
Novavax to Jointly Manufacture COVID Vaccine With Canadian Government
The security filings states that payment from the government of Canada will be paid in two installments with the second installment contingent upon Novavax’s delivery of the remaining contracted doses of Nuvaxvoid in the second half of 2023.7
A contract signed in early 2021 involved the collaboration between Novavax and the Canadian government to manufacture Nuvaxvoid locally at the National Research Council of Canada’s Biologics Manufacturing Center in Montreal, Quebec.8 An additional clause was added to the agreement, which requires Novavax to make use of the Biologics Manufacturing Center to produce bulk antigen for vaccine doses scheduled for delivery in 2024 and 2025.9
The securities filing states that Canada can terminate the contract if Novavax does not receive regulatory approval for vaccine production at the Canadian government’s bio-manufacturing facility by Dec. 31, 2024.10
Novavax Stock Rose Nearly 30 Percent After Canada Agreed to Pay for Unused Vaccines
In response to this news by the Canadian government, Novavax’s stock price leaped by almost 30 percent due to the fact that this will increase cash flow into the company.11 The company’s stock price was down four percent since the beginning of the year after losing more than 90 percent of its value in 2022.12
If you would like to receive an e-mail notice of the most recent articles published in The Vaccine Reaction each week, click here.
Click here to view References:1 U.S. Securities and Exchange Commission. Novavax, Inc. Jun. 30, 2023.
2 Reuters. Novavax to receive $350 million from Canada for unused COVID shots. July 7, 2023.
3 Novavax. Health Canada Authorizes Novavax COVID-19 Vaccine. Feb. 17, 2022.
4 Novavax. Novavax Nuvaxovid COVID-19 Vaccine Receives Expanded Authorization in Canada as a Booster in Adults. Nov. 18, 2022.
5 Novavax. Novavax Nuvaxovid COVID-19 Vaccine Approved in Canada for Use as a Primary Series in Adolescents. Dec. 7, 2022.
6 Dyer O. Covid vaccines: Canada to dispose of 13.6 million AstraZeneca doses owing to lack of demand. British Medical Journal 2022.
7 Liu A. Novavax to receive $350M from Canada for canceled COVID vaccine orders. Fierce Pharma July 10, 2023.
8 Ibid.
9 Yahoo Finance. Novavax (NVAX) to Receive $350M From Canada, Stock Rises 30%. July 11, 2023.
10 Constantino AK. Novavax stock spikes 29% after company snags $350 million from Canada for unused Covid shots. CNBC July 10, 2023.
11 Yahoo Finance. Novavax (NVAX) to Receive $350M From Canada, Stock Rises 30%. July 11, 2023.
12 Constantino AK. Novavax stock spikes 29% after company snags $350 million from Canada for unused Covid shots. CNBC July 10, 2023.
3 Responses
New marketing strategy; Force them to buy the product. Yet another example of taxation without representation. If one ran a private business and ordered a third billion worth of unnecessary product, someone would at a minimum, lose their job. And certainly someone would have a bright idea to demand a refund for product not received nor needed. Three hundred million is a little more than just a business write off. But for the government; nope, they get salary raises instead while keeping the jobs. The company whom charged them for product not received will continue to receive government contracts! When it comes to fiscal responsibility in these sorts of captured systems, blind leading the stupid. If an individual within government failed to provide services, but charged for those services anyways, that would be called embezzlement and they’d be hauled away in shackles and cuffs to a prison. But when a pharma company, well… Who’s still buying this? People need to wake up, they are living zombies just conditioned to accept an ongoing train of never ending abuses as if nothing is wrong and this is just business as usual. Truth is treason in an empire of lies.
‘Who can take your money? With a twinkle in their eye? Take it all away and give it to some other guy? The government. The government can. Who can tax the sunrise, who can tax the trees? Let you run a business and collect up all the fees? Oh the government can. Oh the government can cause they mix it up with lies and makes it all taste good. The government takes everything we make, to pay for all their solutions.’
https://www.youtube.com/watch?v=LO2eh6f5Go0
Tim Hawkins, The government can.
Canada should NOT have agreed to pay.
It would have been great of them to investigate WHY the Canadians don’t want the vaccines.
Absolutely brutal money mismanagement by Trudeau, and this was only one of many. This guy needs to be punted hard and fast.