Novavax (NSDQ:NVAX) has announced that the European Commission has granted it conditional marketing authorization (CMA) for its Nuvaxovid COVID-19 vaccine.
Novavax had received funding early in the pandemic but encountered manufacturing-related delays. In August, the U.S. announced that it was withholding funding from the company over these concerns. The company had initially received $1.7 billion in U.S. funding to develop the vaccine.
The shot is the fifth to win authorization in Europe. The protein-based vaccine will be the first of its kind in Europe.
The World Health Organization (WHO) also won a second Emergency Use Listing (EUL) for the vaccine. In addition, Indonesia and the Philippines have granted the vaccine emergency use authorization.
The news apparently did not impress investors, and NVAX shares fell 7.07% to $201.95.
Early on, Novavax impressed with solid efficacy figures. In March, the company announced that its vaccine was 96.4% effective at preventing COVID-19 caused by wild-type SARS-CoV-2 in a Phase 3 study.
Novavax is partnering with Serum Institute of India (SII) to produce the first doses for the E.U.
Filed Under: Drug Discovery, Infectious Disease