Novavax Inc. has the option to raise up to $500 million in a possible stock offering as it shepherds its Covid-19 vaccine candidate through clinical trials, juggles its seasonal flu vaccine program and sees its stock sustain dramatic highs.
The Gaithersburg biotech said it could offer up to 5.37 million shares of common stock based on its Nov. 5 closing price of $93.11, according to documents filed Tuesday with the Securities and Exchange Commission. That follows Novavax’s sale earlier this year of 3.4 million shares of common stock, which brought in $238.3 million in net proceeds.
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