The stock of Novavax jumped more than 5% on Friday after the World Health Organization approved its Covid-19 vaccine.

The company now awaits approval from the European Medicines Agency, which is expected next week, according to the Financial Times.

With the WHO's approval, the business and its partner, Serum Institute of India, would be able to export doses to the Covax initiative, which will provide another vaccine to low-income countries.Novavax Files for Authorization of its COVID-19 Vaccine in the United Kingdom - Oct 27, 2021

Novavax's protein-based vaccination has been demonstrated to be more than 90% effective against a range of dangerous coronavirus strains. According to a major newswire, the business hopes to start commercial production of a vaccine targeted to the highly transmissible Omicron coronavirus strain in January.

In Indonesia and the Philippines, Novavax's injection has been approved for emergency use, and the company has applied for similar licenses in the United Kingdom, the United Arab Emirates, Australia, New Zealand, India, Canada, Singapore, and Japan. The WHO's approval should make the clearing process go more smoothly.

By the end of the year, Novavax hopes to file with the US Food and Drug Administration.

The company has been behind schedule in delivering its Covid vaccine to market, owing to production issues that have now been resolved.