Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Top U.S. trade negotiator discussed vaccine ramp-up with Novavax executive

Published 04/27/2021, 08:09 PM
Updated 04/27/2021, 10:21 PM
© Reuters. FILE PHOTO: A Novavax logo is reflected in a drop on a syringe needle in this illustration

© Reuters. FILE PHOTO: A Novavax logo is reflected in a drop on a syringe needle in this illustration

WASHINGTON (Reuters) - U.S. Trade Representative Katherine Tai discussed increasing COVID-19 vaccine production in a virtual meeting on Tuesday with an executive with drugmaker Novavax (NASDAQ:NVAX), Tai's office said in a statement.

Tai and Novavax Executive Vice President John Trizzino also discussed a proposal before the World Trade Organization to waive certain intellectual property rights in response to the coronavirus pandemic, the USTR statement said.

"Ambassador Tai sought Mr. Trizzino's views on steps Novavax is taking to quickly increase equitable production and distribution of vaccines in the United States and around the world," the statement said.

Novavax's COVID-19 vaccine is not currently authorized for use in the United States.

WTO members are due to discuss a proposal by India and South Africa to waive certain provisions of the WTO's Agreement on Trade-Related Aspects of Intellectual Property Rights on April 30, but the United States and a few other big countries have blocked such a move.

Democratic lawmakers, civil society groups, and 60 former heads of state and 100 Nobel Prize winners have urged President Joe Biden to back the waiver.

Shares of Novavax surged 16% in extended trading on Tuesday after Biden said the United States was planning to share COVID-19 vaccines with countries in need of aid.

The company is expected to report data from its ongoing large, late-stage study in the United States and Mexico during the second quarter of this year.

Tai held virtual meetings on Monday with vaccine makers Pfizer (NYSE:PFE) and AstraZeneca (NASDAQ:AZN).

Novavax Chief Executive Stanley Erck met with South Korean President Moon Jae-in on Tuesday and said he was in talks with SK bioscience, the vaccine arm of SK Chemicals, to extend production and tech transfer agreements until 2022.

© Reuters. FILE PHOTO: A Novavax logo is reflected in a drop on a syringe needle in this illustration

SK bioscience plans to start producing the Novavax COVID-19 vaccines as soon as the approval comes and manufacture 40 million doses to supply South Korea.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.