Over the past week, shares of the biotech company Novavax Inc. (NVAX) have risen by more than 37%, and at auction on June 24, the stock was worth $51.67. The growth driver was the announcement that the Novavax vaccine against COVID-19 will be allowed in Europe for adolescents aged 12 to 17. The Committee of the European Agency for Medicinal Products for Medical Use (Committee for Medicinal Products for Human Use, CHMP) recommended granting permission for the sale of Novavax’s COVID-19 Nuvaxovid vaccine for adolescents aged 12 to 17 years.
In December 2021, Novavax received approval for Nuvaxovid in the European Union for adult immunization. The CHMP’s recommendation to allow a vaccine for adolescents is likely to help the company increase sales of its developments. For final approval to take place, the CHMP recommendation will go to the Standing Committee of the European Commission on Medicinal Products for Medical Use. If this committee does not raise objections, the European Commission will approve the permit.
If approved, Novavax’s Nuvaxovid will be the first COVID-19 protein vaccine available to adolescents in the EU. Before that, Novavax received permission for the emergency use of this vaccine to protect adolescents in India. Shortly, the company intends to achieve a similar permit in Canada. In early June 2022, Novavax changed the production process for the COVID-19 vaccine.
The company now needs additional approval from the FDA to confirm the safety of the production process for consumers. Recall that Nuvaxovid has already received permission for emergency use in the UK, the EU, Canada, Australia, and several other countries. The vaccine has advantages over competitors, for example, high efficiency and less stringent requirements for storage conditions. Thanks to this, the targeted vaccine market is about 6 billion people.