Novavax Jumps on $388 Million Funding From Vaccine Coalition (1)

Novavax Inc. rallied 20% in after hours trading on Monday after its experimental vaccine for the pandemic sweeping across the globe got a major infusion of cash.

The Coalition for Epidemic Preparedness Innovations, which is funding multiple coronavirus vaccine projects, has awarded Novavax another $384 million in new funding. That’s on top of $4 million the Oslo-based organization invested in the biotechnology company in March and is CEPI’s single largest investment to date.

The Gaithersburg, Maryland-based company’s NVX-CoV2373 is meant to create antibodies that block a protein “spike” that the new coronavirus uses to infect its host. Novavax’s vaccine is ...