Novavax tumbles after report on COVID vaccine production delay
New Delhi: Shares of Novavax Inc fell 16% after a report from Politico said the company faces significant hurdles in proving it can manufacture its experimental COVID-19 vaccine that meets regulators' quality standards, resulting in production delays.
The methods Novavax used to test the efficacy of its vaccine have fallen short of U.S. regulators' standards, according to the Politico report, citing people familiar with the matter.
The production delays are likely to affect deliveries to the COVAX facility, which aims to provide equitable access to COVID-19 vaccines for low- and middle-income countries, the report added.
Novavax and India's Serum Institute, the world's largest vaccine producer, had together committed to providing more than 1.1 billion doses to COVAX.
Novavax in a statement said it was confident in its ability to deliver its high-quality vaccine.
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