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Novavax, Gavi Ink Advance Purchase Deal For COVID-19 Vaccine For COVAX Facility - Quick Facts

Biotechnology company Novavax, Inc. (NVAX) announced Thursday that it has finalized an advance purchase agreement (APA) with Gavi, the Vaccine Alliance (Gavi) for supply of its recombinant protein-based COVID-19 vaccine candidate to the COVAX Facility.

Under the APA, Novavax is expected to manufacture and distribute 350 million doses of NVX-CoV2373 to countries participating under the COVAX Facility, which was established to allocate and distribute vaccines equitably to participating countries and economies. This will begin in the third quarter of 2021, pending receipt of appropriate regulatory authorizations.

Under a separate purchase agreement with Gavi, the Serum Institute of India is expected to manufacture and deliver the balance of the 1.1 billion doses of the Novavax vaccine, which will be available to countries participating in COVAX.

Meanwhile, Novavax has agreed to provide additional doses in the event that Serum Institute cannot materially deliver expected vaccine doses to the COVAX Facility.

Vaccine dose allocation will be determined by Gavi across the AMC-eligible and self-financing participants under a tiered pricing schedule.

This arrangement is the culmination of a collaboration among the Coalition for Epidemic Preparedness Innovations (CEPI), Gavi, Serum Institute and Novavax, who are partnering in the urgent mission of Novavax to deliver significant amounts of vaccines to all countries, regardless of income level.

CEPI invested nearly $400 million in Novavax in the spring of 2020 to advance preclinical and early clinical development, manufacturing scale-up, technology transfer, and manufacturing capacity reservation for NVX-CoV2373.

Under the APA, Novavax expects to deliver doses with antigen and adjuvant manufactured at facilities directly funded by the investments Novavax received from CEPI.

NVX-CoV2373 is a protein-based vaccine candidate engineered from the genetic sequence of SARS-CoV-2, the virus that causes COVID-19 disease. It was created using Novavax' recombinant nanoparticle technology.

NVX-CoV2373 is stored and stable at 2°- 8°C, allowing the use of existing vaccine supply chain channels for its distribution. It is packaged in a ready-to-use liquid formulation in 10-dose vials.

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