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.

Novavax (NASDAQ:NVAX) shares climbed more than 17% premarket on Monday after the long-awaited approval of its COVID-19 vaccine from the U.S. FDA. The FDA cleared the biologics license application for Nuvaxovid for immunization against COVID-19 in adults 65 years and older,