Novavax Inc (NASDAQ:NVAX) Stock Jumps Above $200 After The Big News

Novavax Inc (NASDAQ:NVAX) has reached an agreement with the European Commission (EC) for the purchase of up to 200M doses of NVX-CoV2373, the company’s recombinant nanoparticle protein-based COVID-19 vaccine candidate with Matrix-M adjuvant.

The agreement covers the purchase of up to 100M doses of the vaccine with the option for an additional 100M doses through 2023.

Novavax is working to complete its rolling submission for NVX-CoV2373 to the European Medicines Agency (EMA) in the third quarter of 2021, with delivery of initial doses expected to begin following approval.

In a Phase 3 clinical trial with nearly 30,000 adults in the United States and Mexico, NVX-CoV2373 demonstrated 100% protection against moderate and severe disease and 90.4% overall efficacy, the company said.

“We thank the European Commission for their partnership in this important step to expand vaccine options for the citizens of Europe and globally as we work to bring the first COVID-19 protein subunit vaccine to the market,” said Stanley C. Erck, President and Chief Executive Officer, Novavax. “With clinical data from our trials showing strong efficacy against Variants of Concern and Variants of Interest, we believe that our vaccine candidate will play a critical role in the effort to help control the pandemic in the EU and other regions in the world.”

NVAX stock soared 8% to $204 in the opening session on Wednesday.