Canada to purchase 76 million doses of Novavax coronavirus vaccine, company says

American vaccine developer Novavax announced Monday that it’s reached an agreement in principle with Canada to supply 76 million doses of its experimental coronavirus vaccine to the country.

The company said it expects to finalize an agreement to supply Canada with doses “as early as the second quarter of 2021.” The agreement is contingent on the vaccine getting a license from Health Canada, the company said.

Shares of Novavax closed more than 2% higher. 

The company’s vaccine, called NVX-CoV2373, is currently in phase two trials. It has previously said it could begin late-stage trials as early as October. 

“We are moving forward with clinical development of NVX-CoV2373 with a strong sense of urgency in our quest to deliver a vaccine to protect the world,” Novavax CEO Stanley Erck said in a statement.

The company did not disclose the financial terms of the agreement.

“This is an important step in our government’s efforts to secure a vaccine to keep Canadians safe and healthy, as the global pandemic evolves,” Anita Anand, Canada’s minister of public services and procurement, said in a statement.