By Dhirendra Tripathi

Investing.com – Novavax Stock (NASDAQ:) rallied 11% Monday following the announcement that it had been awarded a contract by Israel for its Covid-19 vaccine.

Novavax will supply 5 million doses initially of its protein-based vaccination under an advance purchase agreement. Israel can purchase another 5 million. In the meantime, the company is working with the Ministry of Health on obtaining the appropriate authorizations.

After two doses of vaccine, Israel was one of the few countries that approved boosters. A fourth shot is available to anyone who has reached 60 years of age.

Novavax is pleased to have won the contract. The company was late to get its Covid vaccine on the market due manufacturing issues. All of these problems were resolved by Novavax. It has received approvals in multiple countries from the E.U. and the WHO. In due course, it will submit its request for an emergency use authorization to the U.S. Food and Drug Administration.

India’s Serum Institute is the contracted party to make the vaccines. Serum is also making AstraZeneca’s Covid-19 shots.

Novavax’s vaccine based on protein has proven to be effective at preventing a wide range of coronavirus types. According to a previously reported by Reuters, the company will begin production commercially of a vaccine that targets Omicron coronavirus variants which are highly transmissible.