 Novavax, Inc (NASDAQ: NVAX) disclosed Wednesday it had entered into an agreement with the Serum Institute of India Private Limited for development, distribution, and commercialization of its COVID-19 vaccine in several countries.What Happened SII will gain exclusive rights to Maryland-based drugmaker's vaccine and Matrix-M adjuvant during the "Pandemic Period," as defined by the World Health Organization in India, under a deal signed July 30, Novavax stated in a filing with the United States Securities and Exchange Commission.The Indian vaccine maker will also receive non-exclusive rights in all countries except for upper-middle or high-income countries, as designated by the World Bank.On Tuesday, the company disclosed its NVX-CoV2373 coronavirus vaccine had elicited "robust antibody responses" in participants of the Phase 1 clinical trial.Why It Matters Novavax CEO Stanley Erck said last month that the drugmaker is capable of producing 100 million doses by the end of the year. It has received $1.6 billion in government funding to support its vaccine efforts. JPMorgan analyst Eric Joseph raised the price target on Novavax shares from $105 to $275 and upgraded the rating on the stock to Overweight from Neutral on Wednesday.SII also has a licensing agreement with AstraZeneca plc (NYSE: AZN) to supply one billion doses of its coronavirus vaccine, developed in partnership with Oxford University, to low-and-middle-
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