The FDA approved the biologics license application for Nuvaxovid for active immunization to prevent coronavirus disease 2019 caused by severe acute respiratory syndrome coronavirus 2 in adults 65 years and older and individuals 12 through 64 years who have at least one underlying condition that puts them at high risk for severe outcomes from COVID-19. B.Riley said it views the approval as the removal of an important regulatory overhang for Novavax (NVAX) partner Sanofi (SNY). The firm added that this milestone unlocks $200M in milestone payments for Novavax from Sanofi. B. Riley told investors that the approval letter does note a relatively narrower label relative to peers. B. Riley reiterated a Buy rating and $18 price target on shares of Novavax.
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