Novavax (NVAX) - Get Novavax, Inc. Report surged Thursday after the biotech and its partner, Serum Institute of India, applied to the World Health Organization for an emergency use listing of Novavax's COVID-19 vaccine.
Shares of the Gaithersburg, Md., drugmaker were recently up $23.56, or 10%, to $255.57.
Novavax said in a statement that the submission to WHO is based on the companies' previous regulatory submission to the Drugs Controller General of India.
The company said emergency-use listing of its vaccine is a prerequisite for exports to numerous countries participating in the Covax Facility, which was established to allocate and distribute vaccines equitably to participating countries and economies.
Novavax said it has submitted regulatory documents to agencies in India, Indonesia and the Philippines to initiate a review of the vaccine.
Novavax and India's Serum Institute, the world's largest vaccine producer, have together committed to providing more than 1.1 billion doses to the Covax facility.
Covax has distributed fewer than 300 million shots to poorer nations, a fraction of the roughly 6 billion shots experts say are needed, according to Reuters.
Earlier this year, the U.S. said it was committing an additional 500 million vaccine doses made by Pfizer (PFE) - Get Pfizer Inc. Report to Covax, bringing its total contribution to more than 1 billion shots.
In August, Novavax posted a wider-than-expected second quarter loss and said it would delay its application for emergency approval of its developing coronavirus vaccine until the end of the year.
In that same month, the company said it had reached an agreement with the European Commission to sell as many as 200 million doses of its vaccine.