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Novavax granted $1.6B for vaccine development

Novavax Inc. was chosen by the United States government to participate in the Operation Warp Speed (OWS) program aimed at developing a safe vaccine for COVID-19, the company said on Tuesday.

The company was awarded $1.6 billion to both further the clinical development of its coronavirus vaccine, NVX-CoV2373, and to ramp up its manufacturing capacities.

Novavax received a contract for funding from the US Department of Defence in early June, stating that it will be able to deliver 10 million doses of the vaccine by the end of 2020. With OWS funding, that estimate rose to 100 million doses.

Novavax's shares surged 46.59% after the announcement, going for $117.00 at 6:32 am ET.

Breaking the News / BU