Novavax has agreed to refund up to $400 million to an international organization after a dispute over Covid-19 shots. Gavi, a public-private partnership, found itself with vaccines that were no longer needed as demand dried up last year. This agreement follows events surrounding the initial efforts to create a global vaccination program where vaccine makers locked in high prices with wealthy nations. The World Health Organization program, known as COVAX, was aiming to vaccinate 70% of populations in mostly poor countries. The vaccine makers kept $1.4 billion in prepayments for unused shots, leaving Gavi in a precarious position.
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Novavax, Gavi end a bitter dispute over Covid-19 vaccines
