Shares of (NASDAQ: NVAX) were up more than 24% as of 12:08 p.m. ET on Monday after the biotech company said Friday that Canada will pay $349.6 million for unused COVID-19 shots from the company. The stock is still down more than 12% so far this year.

The company specializes in vaccines. It said that Canada is paying, in two installments, to settle the forfeiture of deliveries for unneeded COVID-19 shots. That was the second bit of good news Novavax got last week. On Thursday, it said that had received updated Marketing Authorization (MA) from the European Union for its Nuvaxovid vaccine for those 12 and older and as a booster for adults. Initially, the European Commission had only given a conditional MA for Nuvaxovid.

The European Commission's decision on the vaccine was based on the safety and efficacy it showed in a phase 3 trial. The vaccine is approved in more than 40 countries.

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Source Fool.com