Flush from a pair of newly inked collaborations, Novavax has paid off the last of its debt.
Novavax began this year--one of the rockiest in biotech history--with $22 million in convertible debt. But the last $5 million was paid off earlier in the week as the developer cleared the books of debt.
Novavax was able to do that by striking a couple of deals. The developer created a new joint venture with India's Cadila to advance Novavax's virus-like particle vaccine for swine flu in the subcontinent. Cadila agreed to invest $11 million in Novavax in order to set up the venture. And just last month Novavax gained a $3 million equity investment from Spain's Rovi after the two companies agreed to collaborate, using Novavax's technology to advance new vaccines.
- check out the story from the Washington Business Journal