Medical World News

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Novavax (NVAX) – Novavax sank 23% in premarket trading after the vaccine maker missed both top and bottom line estimates for its latest quarter. The miss comes as Novavax shipped just 31 million Covid-19 vaccine doses during the quarter, putting it well off the pace of its projected 2 billion shots for 2022. Novavax reiterated its prior 2022 revenue forecast, however, saying it expected vaccine sales to accelerate during the current quarter.

Biohaven Pharmaceutical (BHVN) – The migraine drugmaker agreed to be bought by Pfizer (PFE) in a deal worth $11.6 billion, resulting in a 72% premarket surge in its shares. Biohaven shareholders will receive $148.50 per share in cash, plus half a share in a new publicly traded company that will hold some of the Biohaven drugs still in development. Pfizer, which had a 2.6% stake in Biohaven prior to the deal announcement, fell 1.4%.