U.S. drug developer Novavax Inc said on Tuesday it was doubling its potential COVID-19 vaccine manufacturing capacity to two billion doses annually under an agreement with Serum Institute of India, sending its shares up about 7%.
In August, Novavax signed a deal with Serum Institute, the world’s largest producer of vaccines, to produce a minimum of one billion doses of its vaccine candidate, when approved, for low- and middle-income countries and India.
Novavax’s vaccine is currently in mid-stage trials after an early-stage study showed it produced high levels of antibodies against the novel coronavirus. The company plans to begin late-stage trials in the third quarter. The company is also preparing to deliver 100 million doses to the United States by January after it was awarded $1.6 billion for its potential vaccine, and has also signed supply agreements with Canada and Japan.
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