Novavax falls as Canada terminates COVID-19 vaccine purchase deal

Shares of Maryland-based vaccine maker Novavax NVAX.O fall 2.8% to $7.96

Co says it received a notice on March 7 terminating with immediate effect a purchase agreement with Canada due to missed regulatory approval deadlines for its COVID-19 vaccine

Co entered into the purchase agreement with Canada in January 2021

Under the terms of the agreement, $28 million in advanced purchase payments previously received by the company are now refundable to the customer within 30 days of notice

Up to last close, NVAX had risen 50.% in the past 12 months