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(Reuters) – Top executives at U.S. pharmaceutical company Novavax Inc aren’t waiting to see how well their COVID-19 vaccine works before they reap the financial rewards.

Only peers at rival biotech company Moderna Inc have sold more stock than Novavax executives among major firms that received U.S. taxpayer funding to develop or manufacture COVID-19 vaccines, according to an analysis by consumer advocacy group Accountable.US which looked at transactions from May to November 2020.

Executives at Emergent BioSolutions Inc, Pfizer and Johnson & Johnson, also recipients of federal funds, sold $24 million, $10 million and $4 million worth of stock, respectively, according to Accountable.US. Moderna executives sold $166 million worth, according to Accountable.US.

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