Ropes & Gray Advises Novavax in Pursuit of COVID-19 Vaccine
Ropes & Gray’s life sciences practice played a critical role in helping longstanding client Novavax, Inc. pursue a COVID-19 vaccine; on January 28, Novavax announced that NVX-CoV2373, its protein-based COVID-19 vaccine candidate, met the primary endpoint, with a vaccine efficacy of 89.3%, in its Phase 3 clinical trial conducted in the United Kingdom (UK).
Ropes & Gray, renowned for having one of the world’s best life sciences practices, is an instrumental legal partner to Novavax. Our work includes guiding the company’s May 2020 $167 million acquisition of Praha Vaccines, which will enable Novavax to produce its anticipated COVID-19 vaccine. That transaction was followed by a $200 million private investment in public equity (PIPE) transaction with RA Capital Management, and a $500 million at-the-market facility. This financing has helped Novavax advance its efforts to develop and mass-produce the vaccine.
“We are gratified to see Novavax’s successful clinical trial result, and we are optimistic the vaccine will help solve the COVID-19 crisis,” said Paul Kinsella, partner. “Novavax has pursued the vaccine relentlessly.”
“We are proud to have helped Novavax – and numerous other clients – raise capital, acquire needed manufacturing capacity, and get necessary approvals to accelerate COVID-19 testing and vaccines that are now critical to saving lives and getting the pandemic under control,” said Tara Fisher, partner. “It’s exciting to see our hard work contribute to their success.”