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Canada is shopping for 76 million doses of Novavax coronavirus vaccine, the corporate says

Dr. Nita Patel, director of antibody discovery and vaccine development, lifts a vial containing a potential coronavirus, COVID-19, at Novavax laboratories in Gaithersburg, Maryland on March 20, 2020. One of the laboratories is developing a vaccine against the coronavirus. COVID-19.

Andrew Caballero-Reynolds | AFP | Getty Images

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

The company expects to close an agreement to supply cans to Canada "as early as the second quarter of 2021". The agreement is contingent on the vaccine being licensed from Health Canada, the company said.

Novavax shares rose more than 4% in early morning trade on the news.

"We are urgently advancing the clinical development of NVX-CoV2373 to deliver a vaccine to protect the world," said Stanley Erck, CEO of Novavax, in a statement.

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

The company's vaccine, named NVX-CoV2373, is currently in phase two of trials. The company has already announced that it will be able to start late-stage trials as early as October.

"This is an important step in our government's efforts to obtain a vaccine to ensure the safety and health of Canadians as the global pandemic unfolds," Canada's Minister of Public Services and Procurement Anita Anand said in a statement .

This is the latest news. You can find updates here.

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