There is no evidence that existing vaccines do not provide any protection against the Omicron variant, says the University of Oxford said as scientists scramble to evaluate the new Covid-19 mutation.

"Despite the emergence of new variants over the past year, vaccines have continued to provide very high levels of protection against serious diseases and so far there is no evidence that omicron is different," the university said in a statement on Tuesday, November 30.

Drugmakers are rushing to test their therapies against Omicron amid signs that it could spread more quickly and evade the vaccine's protection due to the sheer number of mutations it displays.

Data from key companies like Pfizer Inc. is expected in the coming weeks. 

AstraZeneca Plc, which co-developed the Covid-19 vaccine with Oxford, said Friday that it was testing the vaccine and was already conducting research in countries, such as Botswana, where the variant was identified. Oxford has the "tools and processes available" to quickly adjust the vaccine to target Omicron if necessary.