By Sam Boughedda
Investing.com — Novavax Inc (NASDAQ:NVAX) shares were given a healthy boost Monday morning after it revealed Indonesia has become the first country to authorize its Covid-19 vaccine.
The National Agency of Drug and Food Control of the Republic of Indonesia granted emergency use authorization, or EUA, for Novavax's Covid-19 vaccine. The vaccine will be manufactured by SII in India and marketed by SII in Indonesia under the brand name Covovax.
There had previously been concerns about the timing of approvals for Novavax's vaccine. However, investors have been buoyed by today's news, with shares currently trading over 12% above Friday's close, around $167.69. Its stock price initially hit a high of over $173 following the news.
Stanley C. Erck, the company's President and CEO said it "marks the first regulatory authorization worldwide of a protein-based COVID-19 vaccine based on Phase 3 clinical data demonstrating efficacy and a favorable safety profile."
"This is a landmark moment for Novavax and our partner, Serum Institute of India, and it is the first of many authorizations that Novavax expects in the coming weeks and months for our vaccine globally," he added.
Elsewhere, Novavax announced regulatory progress after filing for vaccine authorization with Health Canada and completing its submission for a rolling review to the European Medicines Agency.