Novavax’s stock surges after supply deal with South Korea’s SK Group for COVID-19 vaccine candidate

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Shares of Novavax Inc. rallied 2.8% in premarket trading Thursday, after the biotechnology company said it has entered into 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 Republic of Korea’s Ministry of Health and Welfare to make NVX-CoV2373 available in South Korea, as well as for the global market. Under terms of the agreement, SK Bioscience will make the vaccine antigen component during the pandemic period. Phase 1 data of Phase 1/2 clinical trial showed that NVX-CoV2373 was well tolerated and generated a “robust” antibody response. Novavax’s stock has more than tripled (up 205.9%) over the past three months through Wednesday, while the iShares Nasdaq Biotechnology ETF has gained 3.3% and the S&P 500 has advanced 19.9%.
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