By Dhirendra Tripathi

Investing.com – Novavax stock (NASDAQ:) climbed 10% in Monday’s premarket trade as the company’s much-delayed Covid vaccine secured the European medicines regulator’s approval for treating adults.

While formal approval is not yet granted by the European Commission, this is generally an informal process.

Nuvaxovid will be the marketing name for its NVX CoV2373 vaccine.

Novavax is contracted to provide the EU up to 200 millions doses of their vaccine. The Serum Institute of India, the Indian company behind a large part of AstraZeneca’s (NASDAQ:) Covid-vaccine supplies, will also be making Novavax’s Covid shots. The U.S. firm stated that the production will be extended to include other locations in Novavax’s global supply chain.

Novavax’s Covid vaccine secured the World Health Organization’s nod on Friday. This approval means that Novavax can ship Covax doses, which provide another vaccine for low-income countries.

Novavax’s protein-based vaccine has shown more than 90% effectiveness against various coronavirus variants in clinical trials. According to Reuters, the company will begin manufacturing a vaccine that targets Omicron coronavirus variants which are highly transmissible in January.

Novavax received approval for Novavax shot for use as an emergency medicine in Indonesia, Philippines and Canada. The company also filed similar applications in U.K.E.E. Australia and New Zealand. These clearances will be easier with the EU and WHO approvals.

Novavax plans to file the U.S. Food and Drug Administration in order for the approval of its product by the end this month.

Covid’s vaccine has not been available on the market in time. This was due to manufacturing problems that were later resolved.