Novavax (NVAX) announces definitive agreements related to one of its Maryland-based locations and surrounding property. The site consolidation efforts are part of Novavax’s corporate growth strategy, announced last year, that allow the Company to focus on research and development, or R&D, efforts and partnerships by retaining the necessary capabilities in the leanest and most cost-effective manner. In support of this strategy, the agreements will result in $60M in payments to Novavax and is expected to result in future cost savings of $230M over 11 years related to both lease expense and facility operating costs. Assignment of the lease for this facility and sale of certain related assets are both expected to close in January of 2026 and result in $40M in payments to Novavax. Sale of property adjacent to the headquarters building is expected to close in the Q4 and result in a $20M payment to Novavax.
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