Novavax to fire 25% of staff as firm records $294 mn in Q1 loss

Novavax on Tuesday said it would lay off 25% of its global workforce as part of its restructuring and cost reduction plan. The layoffs would affect about 498 employees, Reuters noted citing the company's latest regulatory filings. The biotech firm recorded a net loss of $294 million in Q1 as demand for its COVID-19 vaccines depleted.