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FDA authorizes Novavax’s COVID-19 vaccine

After weeks of delay, the Food and Drug Administration has authorized emergency use of Novavax’s COVID-19 vaccine.

The Gaithersburg, Maryland-based company’s vaccine is the fourth one to be authorized for use in the U.S.

The Centers for Disease Control and Prevention still must recommend the Novavax vaccine before it can be used. The Biden administration said this week that it’s committed to buying 3.2 million doses of the vaccine — contingent on authorization by the FDA and recommendation by the CDC.

Novavax believes its protein-based vaccine will appeal to people who have been hesitant so far to get one of the mRNA vaccines. Novavax’s vaccine is based on traditional manufacturing methods used for decades.



“Authorizing an additional COVID-19 vaccine expands the available vaccine options for the prevention of COVID-19, including the most severe outcomes that can occur, such as hospitalization and death,” said the FDA’s commissioner, Dr. Robert Califf.

Novavax’s vaccine is already approved and in use in several other countries.

It is the latest chapter in what has been a long journey for Novavax. It was one of the original participants in the U.S government’s Operation Warp Speed, and received $1.6 billion in funding in early 2020 to develop and manufacture a COVID vaccine.

Shares fall in Asia, with Kospi down 5.2%, while oil prices jump

BANGKOK (AP) — Shares slipped Wednesday in Asia after Wall Street pulled further from its all-time high as artificial-intelligence stocks resumed their decline. South Korea’s Kospi led the regional retreat, dropping 5.2% to 6,515.97. The two biggest companies benefiting from the AI boom tracked losses for their U.S. rivals. Samsung Electronics shed 6.9%, while memory chipmaker SK Hynix tumbled 7.9%. In Tokyo, the Nikkei 225 sank 2.6% to 65,703.78. The Hang Seng in Hong Kong lost 0.4% to 25,382.66, while the Shanghai Composite index shed 1.5% to 3,927.70. Taiwan's Taiex fell 1.4%, and Australia's S&P/ASX 200 slipped 0.4% to 9,083.70. Apart from renewed jitters over criticism that AI-related stocks have shot too high, rising oil prices also were clouding market sentiment.
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