Novavax, Inc. (NASDAQ:NVAX) shares are trading higher on Monday after the company announced an amendment to its Canada supply agreement, under which the Government of Canada will pay Novavax $349.6 million for forfeiting certain doses of its COVID vaccine. Additionally, the company announced the European Commission's full approval and marketing authorization of the company's COVID-19 vaccine, Nuvaxovid, on Thursday.

Novavax announced that it has amended its advanced purchase agreement with the Canadian government as of June 30. As part of the agreement, the Canadian government will pay Novavax a total of $349.6 million in two equal installments in 2023, compensating for previously forfeited vaccine doses. The first installment is due upon execution of the amendment, while the second installment is contingent upon the company's vaccine delivery in the latter half of 2023.

Novavax received the European Commission's full approval and marketing authorization for it's COVID-19 vaccine, Nuvaxovid, which can be marketing alongside approved vaccines from Pfizer (NYSE:PFE), Moderna (NASDAQ:MRNA), Janssen and AstraZeneca (NASDAQ:AZN) in the European market. The protein-based vaccine is approved as a primary series for individuals aged 12 and older and as a booster for those aged 18 and older.