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Yahoo BusinessJul 07, 2020
Novavax Covid Vaccine Gets $1.6 Billion in U.S. Funding
(Bloomberg) -- Novavax Inc., one of the front-runners in the race to develop a Covid-19 vaccine, will receive $1.6 billion from the U.S. government, the biggest contribution yet from the Operation Warp Speed program.The funds will allow the company to conduct advanced human studies and establish manufacturing to deliver 100 million doses as soon as late 2020, Gaithersburg, Maryland-based Novavax said in a statement.Shares of Novavax rose as much as 41%, the highest since September 2016, in Tuesday trading.Novavax is among companies striving to develop an inoculation against the novel coronavirus that's spreading quickly in countries including the U.S., India and Mexico. President Donald Trump's Warp Speed program has backed efforts at a number of companies, including Johnson & Johnson, Merck & Co., Pfizer Inc., Moderna Inc. and AstraZeneca Plc, to get doses as early as possible.Operation Warp Speed seeks to compress a process that is typically years long into a matter of months. The drive is being led by General Gustave Perna, who directs the U.S. Army Materiel Command, and former GlaxoSmithKline Plc executive Moncef Slaoui.Spike ProteinThe funds will help Novavax begin a final-stage study of its vaccine candidate as early as this fall, with as many as 30,000 subjects, according to the statement.The biotech company earlier secured as much as $388 million in May from the Coalition for Epidemic Preparedness Innovations, the single largest contribution from the organization at the time. The company's vaccine candi
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