Novavax Inc NVAX shares are trading higher Monday after the company announced a CEO transition.
What Happened: Novavax said John Jacobs will succeed Stanley Erck as president and CEO, as well as a member of the company's board of directors, effective Jan. 23. Erck will serve as an advisor for the next 15 months to enable a smooth transition.
"Stan led Novavax from a clinical development organization to a global commercial vaccines company during a worldwide pandemic. This foundation puts Novavax in a strong position to execute on its long-term strategy, and we look forward to supporting Stan and John through the transition," said James Young, chairman of the board.
Jacobs will join Novavax from Harmony Biosciences, where he served as president and CEO and a member of the board since June 2018.
Novavax is a biotechnology company dedicated to developing and commercializing next-generation vaccines for serious infectious diseases.
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NVAX Price Action: Novavax has a 52-week high of $137.66 and a 52-week low of $8.75.
The stock was up 9.39% at $12.06 at time of publication, according to Benzinga Pro.
Photo: Jernej Furman from Flickr.
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