Why Novavax Stock Surged 14% on Friday

The deal is an advance purchase agreement between Novavax and Israel's Ministry of Health. The Novavax jab is not yet authorized or approved for use in Israel; so far, the country has only approved fellow biotech Moderna's mRNA-1273 (Spikevax) and Comirnaty from Pfizer and BioNTech. In its press release on the matter, Novavax wrote that it "will work with the Ministry of Health to obtain the necessary authorizations and finalize plans for distribution in Israel pending regulatory approval."