US biotech company Novavax and has signed a definitive agreement with pharma giant Novo Nordisk to sell its recombinant protein manufacturing facility.
The site, which is positioned in Bohumil, Czech Republic, will be sold for USD $200m.
Under the terms of the agreement, Novo Nordisk will receive a transfer of assets — including the 150,000 sqft facility, its support buildings and the workforce previously under Novavax's leadership.
Novavax has sold its protein manufacturing facility to expand on its corporate growth strategy, which is focused on driving valie from its early- and late-stage pipeline.
The company will achieve this through the utilisation of its platform, which incorporates Matrix-M adjuvant and nanoparticle protein-based technology.
By securing this sale, Novavax expects to save $80m in operational costs.
CEO of Novavax, John C. Jacobs, commented: "The decision to sell the Czech Republic manufacturing facility aligns with our previously announced commitment to evolve Novavax into a more lean and agile organisation focused on partnering our pipeline assets and technology platform."
"We are thankful to our dedicated colleagues in the Czech Republic who have contributed to Novavax's mission of delivering our technology to address unmet needs. We look forward to working with Novo Nordisk to ensure a successful transition."
The agreement is expected to close by the end of 2024, at which point full responsibility for the facility will remain with Novo Nordisk.