Novavax to provide 1.1 billion doses of COVID-19 vaccine for COVAX

US biotech Novavax (Nasdaq: NVAX) saw its shares gain nearly 11% to $294.00 pre-market this morning, after it announced a Memorandum of Understanding (MoU) with Gavi, the Vaccine Alliance (Gavi), to provide 1.1 billion cumulative doses of NVX-CoV2373, Novavax’ recombinant protein-based COVID-19 vaccine candidate, for the COVAX Facility.

The vaccine doses will be manufactured and distributed globally by Novavax and Serum Institute of India (SII), the latter under an existing agreement between Gavi and SII. NVX-CoV2373 is being studied in two ongoing pivotal Phase III clinical trials: in the USA and Mexico, as well as in the UK, for the prevention of COVID-19.

According to a separate statement from the Gavi, the 1.1 billion cumulative volume of doses will be made available to the COVAX Facility via both a final advance purchase agreement with Novavax, once signed, and an existing agreement between Gavi and the Serum Institute of India (SII) made possible by a technology transfer agreement, at no cost, between Novavax and SII and facilitated by UNICEF’s fully executed long term agreement with SII. The proportion of overall volume supplied to the COVAX Facility directly by Novavax will be the subject of discussions that will form an eventual advance purchase agreement.