Raw Material Shortage Holding Up Novavax's COVID-19 Shot Manufacturing, Says Serum Institute
- Serum Institute of India (SII) is yet to receive raw materials from the U.S. required to produce the Novavax Inc (NASDAQ: NVAX) vaccine despite diplomatic interventions by India, said an official aware of the development.
- The delay in receiving raw materials such as bioreactor bags and enzymes means that SII's launch of the Novavax vaccine, dubbed Covovax in India, will not likely happen before September, as planned initially.
- The company said raw material shortages have led to the delay in launching the vaccine.
- The U.S. lifted the export ban on raw materials on June 4.
- SII is the manufacturing partner for Novavax in India, where the firm has committed to producing up to 1 billion doses.
- Also, the Serum Institute of India plans to start clinical trials of the Novavax shot for children in July, according to ANI quoting sources.
- Earlier this week, NVAX's COVID-19 vaccine demonstrated 90% efficacy.
- Price Action: NVAX shares are up 5.9% at $186.68 during the premarket trading session on the last check Thursday.
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