Shares of Novavax (NASDAQ: NVAX) are up 12% as of midday Friday following the release of the drugmaker's first-quarter results. It's not the report, however, driving the bulk of today's oversize gain -- it's the announcement made in conjunction with it.

The company is partnering with fellow pharmaceutical company Sanofi (NASDAQ: SNY) to market Novavax's COVID vaccine. The deal also opens the door to the development of a flu vaccine based on Novavax's underlying science used to create its coronavirus jab.

For the quarter ending in March, Novavax had $94 million in revenue and a loss of $1.05 per share. These numbers are an improvement on the year-ago loss of $3.41 per share, on $81 million in sales.

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Source Fool.com