Company Gets $1.6 Billion From U.S. Government for COVID-19 Vaccine
Novavax has never brought a product to market before
TUESDAY, July 7, 2020 (HealthDay News) -- Vaccine maker Novavax will receive $1.6 billion from the U.S. government to provide 100 million doses of a COVID-19 vaccine by early 2021, the Maryland-based company said Monday.
This is the largest deal announced by the Trump administration to date as part of its attempts to provide COVID-19 vaccines and treatments to Americans as soon as possible, The New York Times reported.
The $1.6 billion is coming from a "collaboration" between the Health and Human Services Department and the Defense Department, according to a Novavax spokeswoman. Novavax has never brought a product to market, The Times reported.
In May, the Trump administration said it would give up to $1.2 billion to British pharmaceutical company AstraZeneca, which has said it could have a vaccine available by October. Federal funding has also been given to four other companies -- Moderna Therapeutics, Johnson & Johnson, Merck, and Sanofi -- for their experimental COVID-19 vaccines, The Times reported.