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What happened
Actions of Novavax (NASDAQ: NVAX) jumped 18.7% on Wednesday after the biotech company struck a deal to deliver up to 200 million doses of its coronavirus vaccine candidate to the EU.
So what
If Novavax’s vaccine gets regulatory approval, the European Commission (EC) will purchase up to 100 million doses. The deal also gives the EC the ability to purchase an additional 100 million doses by 2023.
Image source: Getty Images.
Novavax hopes to complete the continued submission of its medicine to the European Medicines Agency in the third quarter. “With clinical data from our trials showing high efficacy against variants of concern and variants of interest, we believe our vaccine candidate will play a critical role in efforts to control the pandemic in the EU and other parts of the world. world, ”Novavax CEO Stanley Erck said in a press release.
Now what
Novavax has demonstrated an overall efficacy of 89.7% against COVID-19 in a Phase 3 clinical trial in the UK. The drug was also generally well tolerated among the approximately 15,000 study participants. Health officials say the vaccine could help slow the spread of COVID-19 at a time when the number of cases is increasing at an alarming rate.
“As new variants of the coronavirus spread in Europe and around the world, this new contract with a company that is already successfully testing its vaccine against these variants is an additional guarantee for the protection of our population,” said the president of the European Commission Ursula von der Leyen. .
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