The U.S. government has awarded Novavax Inc $1.6 billion to cover testing, commercialization and manufacturing of a potential coronavirus vaccine in the United States, with the aim of delivering 100 million doses by January 2021. Novavax shares jumped 35% in premarket trade. The award is the biggest
CHICAGO - The U.S. government has awarded Novavax Inc $1.6 billion to cover testing, commercialization and manufacturing of a potential coronavirus vaccine in the United States, with the aim of delivering 100 million doses by January 2021.The award is the biggest yet from"Operation Warp Speed", the White House program aimed at accelerating access to vaccines and treatments to fight the coronavirus that causes COVID-19.
The announcement follows a $456 million investment in Johnson & Johnson's vaccine candidate in March, a $486 million award to Moderna Inc in April, and up to $1.2 billion in support in May for AstraZeneca's vaccine being developed with Oxford University. The U.S. government also awarded Emergent Biosolutions $628 million to expand domestic manufacturing capacity for a potential coronavirus vaccine and drugs to treat COVID-19.
In May, Novavax got an additional $388 million in funding for COVID-19 vaccine development from the Coalition for Epidemic Preparedness Innovations after a $4 million investment in March. In June, the U.S. Department of Defense awarded the company $60 million to support manufacturing of 10 million doses of its vaccine in 2020.The company is in the process of transferring its vaccine technology to an unnamed contract manufacturer that has two large manufacturing facilities, the CEO said.
Novavax did not start human safety trials until late May. One reason for the delay is that the vaccine is grown in insect cells, a process that can take 30 days before company scientists can start purifying it and making it in bulk.
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U.S. government awards Novavax $1.6 billion for coronavirus vaccineThe U.S. government has awarded Novavax Inc $1.6 billion to cover testing, commercialization and manufacturing of a potential coronavirus vaccine in the United States, with the aim of delivering 100 million doses by January 2021.
Read more »