The Novavax jab is the first to show it is effective against the new variant of the virus discovered in the UK, the BBC’s medical editor Fergus Walsh said.
The PM welcomed the “good news” and said the UK’s medicines regulator would now assess the vaccine.
The UK has secured 60 million doses of the jab, which will be made in Stockton-on-Tees.
The doses are expected to be delivered in the second half of this year, if approved for use by the Medicines and Healthcare Products Regulatory Agency (MHRA), the government said.
The UK has so far approved three coronavirus vaccines for emergency use – one from Oxford University and AstraZeneca, another by Pfizer and BioNTech, and a third from drug firm Moderna.
The Novavax jab was shown to be 89.3% effective at preventing Covid-19 in participants in its Phase 3 clinical trial in the UK, which enrolled more than 15,000 people aged between 18-84, of whom 27% were older than 65, Novavax said.
In the South African part of the trial, where most of the cases were the South African variant of the virus, the vaccine was 60% effective among those without HIV.
Stan Erck, chief executive of Novavax, said the results from the UK trial were “spectacular” and “as good as we could have hoped”, while the efficacy in South Africa was “above people’s expectations”.
He told the BBC the manufacturing plant in Stockton-on-Tees should be up and running by March or April, with the company hoping to get approval for the vaccine from the MHRA around the same time.
Health Secretary Matt Hancock said the NHS “stands ready” to roll the jab out if it is approved.
He said: “This is positive news and, if approved by the medicines regulator, the Novavax vaccine will be a significant boost to our vaccination programme and another weapon in our arsenal to beat this awful virus.
“I’m proud the UK is at the forefront of another medical breakthrough and I want to thank the brilliant scientists and researchers, as well as the tens of thousands of selfless volunteers who took park in clinical trials.”
Prof Paul Heath, chief investigator of the UK Novavax trial, said: “These are enormously exciting findings and show that this is a highly effective and safe Covid-19 vaccine – importantly it also shows that this is a vaccine that is effective against the UK variant that has spread so quickly.”
Peter Openshaw, professor of experimental medicine at Imperial College London, said the findings that the vaccine gave high levels of protection in the UK part of the trial were “excellent” but that the lower level of protection seen in South Africa was “a concern”.
This is clearly great news. If passed by the regulator it gives the UK a fourth vaccine in the fight against Covid.
But with supplies not expected to be on stream until the second half of the year and the UK having to wait until April for the Moderna vaccine, in the short term all hope still rests on the Pfizer-BioNTech and Oxford-AstraZeneca vaccines.
Supply of those is fragile. Pfizer is already behind schedule, while AstraZeneca is embroiled in a row after its EU plants failed to produce the expected amounts of the vaccine, prompting the EU to call for UK supplies to be diverted.
With the UK desperate to get its vulnerable population vaccinated, this news offers hope for the future but no respite from the immediate demands of the pandemic.
Nadhim Zahawi, the UK government minister responsible for the vaccine rollout, said: “Having taken part in Novavax’s vaccine trial myself, I am particularly thrilled to see such positive results.
“I want to thank the thousands of trial volunteers, without whom these results would not have been possible.”
Labour leader Sir Keir Starmer described the trial results as “fantastic news” and “one more step towards getting Britain vaccinated”
In total, the UK has ordered ordered 100 million doses of the Oxford-AstraZeneca vaccine and 40 million of the Pfizer-BioNTech vaccine – both of which are currently being rolled out in the UK.
Another 17 million doses of the Moderna vaccine, which was approved by the MHRA in early January, are expected in the spring.
The aim is to give everyone in the top four priority groups – up to 15 million people – a first dose by mid-February.
Unlike the Pfizer and Moderna vaccines, the Novavax jab can be stored at regular fridge temperature.