Novavax Expands Coronavirus Vaccine Capacity To More Than 2B Doses In 2021

Novavax, Inc. NVAX, which has a Phase 2 study underway of its coronavirus vaccine candidate NVX-CoV2373, is diligently working on partnerships to boost its manufacturing capacity.

What Happened: Gaithersburg, Maryland-based Novavax said Tuesday it has amended its existing agreement with Serum Institute of India Private Ltd, or SIIPL, to provide for the latter to manufacture the antigen component of NVX-CoV2373.

The initial agreement with SIIPL announced in early August was a licensing deal to develop and commercialize the vaccine candidate in low- and middle-income countries and India.

The agreement required SIIPL to jointly develop, formulate, fill and finish and commercialize NVX-CoV2373, with Novavax supplying vaccine antigen and Matrix-M adjuvant.

The Serum Institute was vested with the responsibility of regulatory submissions and marketing authorization.

Why It's Important: With the amended agreement with SIIPL, Novavax' global manufacturing capacity for NVX-CoV2373 rises to over 2 billion annualized doses when at full capacity in 2021, the company said Tuesday.

SIIPL is expected to manufacture 1 billion doses of the vaccine candidate in 2021.

"Today's agreement with Serum Institute enhances Novavax' commitment to equitable global delivery of our COVID-19 vaccine. With this arrangement, we have now put in place a global supply chain that includes the recently acquired Praha Vaccines and partnerships with leading biologics manufacturers, enabling production on three continents," Novavax CEO Stanley Erck said in a statement. 

The company said it expects to commence Phase 3 efficacy trials around the world in the coming weeks.

NVAX Price Action: At last check, Novavax shares were gaining 2.59% to $108.54.

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