The stock of Novavax jumped 11% on Monday after the company announced that its planned COVID-19 vaccine had been awarded a contract by the Israeli government.

Novavax will offer an initial 5 million doses of its protein-based vaccine under the advance purchase deal, with Israel having the option to purchase an additional 5 million. In the absence of regulatory permission, the company will work with the Ministry of Health to get the necessary authorizations and finalize plans for distribution in the country.Israel Buys 5 Million Novavax Vaccines - I24NEWS

Following two rounds of the vaccine, Israel was one of the first few countries to approve a booster shot. Anyone above the age of 60 is also eligible for a fourth opportunity.

The shares of Novavax rose 11% on Monday after the firm reported that the Israeli government had won a contract for its anticipated COVID-19 vaccine.

Under the advance purchase agreement, Novavax will supply an initial 5 million doses of their protein-based vaccine, with Israel having the option to purchase an additional 5 million. In the absence of regulatory approval, the company will collaborate with the Ministry of Health to get the necessary permits and finalize distribution plans in the country.

Israel was one of the first countries to authorize a booster shot after two rounds of the vaccination. A fourth opportunity is available to anyone over the age of 60.