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Why Novavax Stock Jumped Today

TheMotleyFool

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Shares of Novavax (NASDAQ: NVAX) climbed 7% on Thursday after the biotechnology company struck a development and supply deal with SK Bioscience, a subsidiary of South Korean giant SK Group.

SK Bioscience will produce the antigen component of Novavax's experimental COVID-19 vaccine, NVX-CoV2373. The two companies also reached an agreement with South Korea's Ministry of Health and Welfare to make the vaccine -- should it prove both safe and effective -- available in South Korea and international markets.

Novavax stock rose on news of a new coronavirus supply deal. Image source: Getty Images.

Source Fool.com

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