By Sriparna Roy
(Reuters) – The U.S. Food and Drug Administration on Friday granted emergency use authorization for an updated version of Novavax (NASDAQ:)’s COVID shot.
The updated vaccine is approved for use in people aged 12 years and over and will target the JN.1 strain of the virus.
The company’s shares rose 2.2% in extended trading after closing 8.6% higher.
“Today’s authorization provides an additional COVID-19 vaccine option,” said Peter Marks, director of the FDA’s Center for Biologics Evaluation and Research.
Doses are on track to be available as early as the end of next week, the company said in an emailed response.
The updated vaccine targets the ‘parent strain’ of the currently circulating variants and has shown robust cross-reactivity against JN.1 lineage viruses, including KP.2.3, KP.3, KP.3.1.1 and LB.1 , said CEO John. Jacobs.
Earlier this month, the health regulator approved updated COVID-19 vaccines made by Pfizer (NYSE:) and Modern (NASDAQ:) targeting the KP.2 variant.
JN.1 was the dominant strain in the United States earlier this year. Although it is no longer as common, it is estimated to represent 0.2% of cases over the two-week period ending Aug. 31, according to data from the Centers for Disease Control and Prevention.
The KP.2 subvariant, on the other hand, is estimated at 3.1%, with KP.3.1.1 now becoming dominant at 42.2%.
In June, the health regulator asked COVID vaccine makers to target the KP.2 strain for the 2024-2025 COVID-19 vaccines.
Novavax’s traditional protein-based shot offers an alternative vaccine technology for those based on messenger RNA – Spikevax and Moderna’s Comirnaty, which was jointly developed by Pfizer and BioNTech (NASDAQ:).
COVID-19-related hospitalizations and deaths have increased in the United States over the past three months. However, demand for the shots has plummeted since the height of the pandemic.
Novavax expects overall demand for COVID vaccines in the United States to remain similar to last year, but expects its own performance to be better, it said earlier this month.
