The company's COVID-19 shot contains an actual version of the virus' spike protein that cannot cause disease but can trigger the immune system. The vaccine developer said it had started developing a spike protein specifically based on the known genetic sequence of the variant, B.1.1.529.
"The initial work will take a few weeks," a company spokesperson said. Shares of the company closed up nearly 9% on Friday.
Novavax's vaccine received its first emergency use approval earlier this month in Indonesia followed by the Philippines.
The company has said it is on track to file for U.S. approval by the end of the year. It has also filed for approvals with the European Medicines Agency as well as in Canada.
Other vaccine developers, including Germany's BioNTech SE and Johnson & Johnson, have said they are testing the effectiveness of their shots against the new variant, which is named Omicron by the World Health Organisation.
Inovio Pharmaceuticals Inc said it had begun testing its vaccine candidate, INO-4800, to evaluate its effectiveness against the new variant. The company expects the testing to take about two weeks.
Inovio also said it was simultaneously designing a new vaccine candidate that specifically targeted Omicron.
"Best case scenario, INO-4800 ... will be completely resilient against omicron, but if that's not the case then we will have a newly designed vaccine ready to go if need be," said Kate Broderick, senior vice president of Inovio's R&D division.
Earlier this month, Inovio resumed a late-stage trial of its vaccine in the United States after 14 months on clinical hold.
(Reporting by Manojna Maddipatla and Mrinalika Roy in Bengaluru; Editing by Anil D'Silva)
By Manojna Maddipatla and Mrinalika Roy