The vaccine maker Novavax, which has faced several years of dramatic ups and downs around the development of its Covid-19 vaccine, announced Monday that its CEO of more than 11 years, Stanley Erck, would be stepping down.
Investors had not been expecting the departure, but cheered the news. Novavax shares rose nearly 16% in midday trading. The announcement was made during the annual J.P. Morgan Healthcare Conference, the biggest gathering of investors and companies in the sector.
Erck will be replaced by John Jacobs, who left his role as the CEO of Harmony Biosciences, a developer of rare disease drugs, late last week. Harmony is a less-well-known firm than Novavax, but at the current moment, measured by its stock price, it is worth more. Harmony has a market capitalization of $3.1 billion, triple Novavax’s current value.
This article is exclusive to STAT+ subscribers
Unlock this article — plus daily coverage and analysis of the biotech sector — by subscribing to STAT+.
Already have an account? Log in
Already have an account? Log in
About the Author Reprints
To submit a correction request, please visit our Contact Us page.
STAT encourages you to share your voice. We welcome your commentary, criticism, and expertise on our subscriber-only platform, STAT+ Connect