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