Novavax shares surged more than 17% before the bell on Monday, following the long-delayed approval of its COVID-19 vaccine from the U.S. health regulator, albeit with new conditions.

The U.S. Food and Drug Administration approved Novavax's COVIDd-19 vaccine with age restrictions after a six-week delay.

At long last, Novavax has secured a full FDA approval for its protein-based COVID-19 vaccine, though not in the broad population the company had originally sought. | The FDA has approved Novavax’s COVID vaccine in adults ages 65 years and older and in people between the ages of 12 and 64 who have at least one underlying health condition that puts them at high risk for severe COVID outcomes.