Sam Boughedda

Investing.com — Novavax Inc (NASDAQ:) shares were given a healthy boost Monday morning after it revealed Indonesia has become the first country to authorize its Covid-19 vaccine.

Novavax’s Covid-19 vaccine was granted an emergency use authorization (EUA) by the National Agency of Drug and Food Control of the Republic of Indonesia. SII will manufacture the vaccine in India, and SII Indonesia will market it under the name Covovax.

There were previously concerns over the approvals of Novavax’s Novavax vaccine. Investors have been encouraged by the news today, as shares are trading more than 12% higher than Friday’s close of $167.69. Following the announcement, its stock price reached a peak of $173.

Stanley C. Erck is the President and CEO of the company. He stated that it was the “first regulatory approval worldwide for a protein-based, COVID-19 vaccin based on Phase3 clinical data which demonstrated efficacy. It also has a favorable safety profile.”

He said, “This is an important moment for Novavax, our partner Serum Institute in India and it’s the first authorization Novavax anticipates for its vaccine worldwide.”

Novavax also announced progress in regulatory matters after it filed for vaccine authorisation with Health Canada, and completed its submission for an electronic review to European Medicines Agency.