Shares of Novavax Inc. NVAX,
rally took 2.8% in premier trading Thursday after the biotechnology company said it had concluded a development and supply agreement with South Korea-based SK Group subsidiary SK Bioscience for the antigen component of Novavax’s COVID-19 vaccine candidate, NVX-CoV2373. The companies have also signed a letter of intent with the Ministry of Health and Welfare of the Republic of Korea to make NVX-CoV2373 available in South Korea, as well as for the world market. Under the terms of the agreement, SK Bioscience will manufacture the vaccine antigen component during the pandemic period. Phase 1 data from the Phase 1/2 clinical trial showed that NVX-CoV2373 was well tolerated and generated a “robust” antibody response. Novavax’s share has more than tripled over the past three months through Wednesday (205.9%), while the iShares Nasdaq Biotechnology ETF IBB,
received 3.3% and the S&P 500 SPX,
is 19.9% advanced.
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