Novavax shares jump after Biden says focusing on its vaccine

(Reuters) - Shares of Novavax Inc surged 16% in extended trading on Tuesday after President Joe Biden said the United States was planning to share COVID-19 vaccines with countries in need of aid.

"The problem is right now we have to make sure we have other vaccines like Novavax and others coming on, probably," he said.

"And I think we'll be in a position to be able to share vaccines, as well as know-how, with other countries who are in real need. That's the hope and expectation."

The president said discussions were on to decide when to send COVID-19 vaccines to other nations, including India, which has been grappling with a surge in coronavirus cases.

The company is expected to report data from its ongoing large, late-stage study in the United States and Mexico during the second quarter of this year.

The stock has gained 133.2% year to date as of last close.

(Reporting by Trisha Roy in Bengaluru and Doina Chiacu)