Novavax Inc (NASDAQ:NVAX) said Wednesday that Australia’s national drugs regulator has granted approval for its COVID-19 vaccine.
What Happened: The Maryland-based biotechnology company said that Australia’s Therapeutic Goods Administration or TGA granted approval for provisional registration of its NVX-CoV2373 vaccine for prevention of COVID-19 in individuals 18 years of age and older.
The company said the vaccine will be supplied to Australia under the brand name Nuvaxovid.
See Also: How To Buy Novavax (NVAX) Shares
Why It Matters: Novavax and Australia announced an advance purchase agreement for 51 million doses of Nuvaxovid in January 2021 with an option for an additional 10 million doses, as per the statement.
Head of TGA John Skerritt said that he is aware of interest in the potential for Novavax’s vaccine used as a booster or even as an adolescent pediatric dose, reported Australia’s ABC News.
“We have with all vaccines, as soon as we get the data, we will review it as an absolute top priority,” said Skerritt.
Novavax stock fell earlier in the month along with other vaccine makers such as Moderna Inc (NASDAQ:MRNA) and Pfizer Inc (NYSE:PFE) after the U.S. Supreme Court ruled against President Joe Biden’s attempts to make it mandatory for large businesses to have their staff vaccinated.
Novavax shares were the hardest hit at the time because of delays in getting authorizations for its COVID-19 vaccine in U.S. and Europe.
Price Action: On Wednesday, Novavax shares dropped 6.2% to $92.33 in the regular session.
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