Novavax gets DoD contract for COVID-19 vaccine

Having risen 14% pre-market, shares of US biotech firm Novavax (Nasdaq: NVAX) were still up 4.6% at $46.73 by mid-morning, after the vaccine developer announced it has been awarded a contract by the US Department of Defense (DoD) for the manufacturing of NVX‑CoV2373, Novavax’ COVID-19 vaccine candidate.

NVX‑CoV2373 consists of a stable, prefusion protein antigen made using its proprietary nanoparticle technology and includes Novavax’ proprietary Matrix‑M adjuvant.

Through the Defense Health Program, the DoD has agreed to fund up to $60 million to support Novavax in its production of several components of the vaccine that will be manufactured in the USA. The agreement includes a 2020 delivery of 10 million doses of NVX‑CoV2373 for DoD that could be used in Phase II/III clinical trials or under an Emergency Use Authorization (EUA) if approved by the US Food and Drug Administration.