Crushed by a PhI­II flop, No­vavax slash­es jobs as it looks to chop out up to $100M in costs

Two months ago, shares of No­vavax $NVAX were crushed when the biotech was forced to con­cede that its big Phase III study for an RSV vac­cine had flopped bad­ly. To­day, af­ter the mar­ket closed, the oth­er shoe dropped — on about a third of its work­force.

The lay­offs are part of a wide-rang­ing re­struc­tur­ing aimed at slash­ing the Gaithers­burg, MD-based biotech’s pre-com­mer­cial­iza­tion work and re­duc­ing the cost burn, cut­ting up to $100 mil­lion in ex­pens­es as it scram­bles to come up with some pos­i­tive da­ta to sat­is­fy un­hap­py in­vestors.

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