Novavax Clinches 10.7M-Dose Coronavirus Vaccine Supply Deal With New Zealand

Novavax, Inc. NVAX, which has seen a delay in the start of the U.S. leg of the Phase 3 study of its coronavirus vaccine candidate, announced late Wednesday a vaccine supply deal.

What Happened: Maryland-based Novavax said it has signed an advance purchase agreement with the New Zealand government for supplying 10.7 million doses of its investigational vaccine codenamed NVX-CoV2373.

The agreement calls for Novavax delivering the initial doses by mid-2021.

Novavax said it will work with Medsafe, New Zealand's regulatory agency, to obtain product approvals as needed. The company did not disclose
additional terms of the agreement.

Why It's Important: Novavax has struck multiple manufacturing and supply deals that would aid in bringing NVX-CoV2373 to the market expeditiously, once it is approved for emergency use or accorded full approval.

Providing an update on its vaccine program in late November, Novavax said enrolment into the 15,000-participant strong late-stage study in the U.K. is complete, with interim data expected in the first half of 2021. The company also said it will start the Phase 3 trial in the U.S. and Mexico in the coming weeks.

Novavax shares were up 4.11% to $125.85 at publication time.