Shares of Moderna Inc. (MRNA) spiked 4% to close at $186.02 on May 3 after the company revealed that Gavi, the Vaccine Alliance, has agreed to supply up to 500 million doses of its COVID-19 Vaccine. Notably, this includes an initial 34 million vaccine doses to be supplied in the fourth quarter of this year. Per the terms of the deal, on behalf of the COVAX Facility, Gavi has the option to procure 466 million additional doses in 2022. The agreement covers the 92 Gavi COVAX Advance Market Commitment (AMC) low-and middle-income countries. Furthermore, Moderna has committed to offer all doses at its lowest tiered price.