Novavax refuses to refund $700M for COVID shots never delivered, NY Times says

Drug companies have so far declined to refund $1.4B in advance payments for now-canceled doses of COVID-19 vaccines ordered by Gavi, the international immunization organization that bought the shots on behalf of poorer countries, Stephanie Nolen and Rebecca Robbins of New York Times report, citing confidential documents obtained by the paper. Gavi has reached settlements with Moderna (MRNA), the Serum Institute of India and several Chinese manufacturers to cancel unneeded doses, surrendering $700M in prepayments, the documents show. However, Novavax (NVAX) is refusing to refund another $700M in advance payments for shots it never delivered, the Times reports. Meanwhile Gavi and Johnson & Johnson (JNJ) are "locked in a bitter dispute" over payment for shots that Gavi told the company months ago it would not need, but which the company produced anyway, it added. Reference Link