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Novavax execs could get big payday even if vaccine fails

 
Anonymous Coward
User ID: 77552226
United Kingdom
07/22/2020 09:42 AM
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Novavax execs could get big payday even if vaccine fails
One of the leading U.S. firms developing a coronavirus vaccine, Novavax Inc, has awarded executives stock options that could pay out tens of millions of dollars even if its efforts fail.

Novavax CEO Stanley Erck and three other executives would earn the options, worth $101 million at Tuesday’s closing stock price, if the company’s vaccine candidate enters a mid-stage clinical trial – regardless of its eventual success, according to a company filing. The incentive plan, which has not been previously reported, allows the executives to start exercising the options a year after Novavax starts the so-called Phase 2 trial, as it expects to do soon.

Starting the Phase 2 trial is no guarantee the vaccine candidate will make it to market. Novavax would have to successfully complete more extensive Phase 3 trials and win approval from the U.S. Food and Drug Administration.

The Gaithersburg, Maryland-based company has not brought a vaccine to market in its 33-year history. But its market value has rocketed from $250 million to $8 billion in about five months on news of its coronavirus vaccine prospects. The Trump administration has given Novavax $1.6 billion under its “Operation Warp Speed” program to accelerate coronavirus vaccine development.

(For a graphic showing the run-up in Novavax shares this year click [link to tmsnrt.rs (secure)] )

In a statement to Reuters, Novavax said the stock options were awarded to retain its top talent and recognize their intense effort. “Launching a Phase 2 trial quickly and under these circumstances is a significant achievement,” the company said.

[link to cyprus-mail.com (secure)]

Who cares if the vaccine, poison won't be successful and people will die due to it, as long as the money is there to be made epiclol wtf

a lot more in the article iamwith





GLP