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Novavax, Inc., a biotechnology company headquartered in Gaithersburg, Maryland, revealed on Friday, May 10, that it has signed a licensing deal with Sanofi, a global healthcare company. The deal is reportedly worth up to $1.2 billion.
In the announcement, Novavax said it would commercialize its brand of COVID-19 vaccine with Sanofi. Reuters reported that they also agreed to develop a new vaccine that will combine COVID-19 and influenza shots using the former's Matrix-M adjuvant.
Approved Financial Arrangement
For the financial part of the deal, Sanofi agreed to pay Novavax $500 million upfront and up to $700 million while their vaccine is in development. The companies will also launch sales milestone payments of up to $200 million.
In addition, Novavax will receive a double-digit percentage in royalty payments for the sales of each product that Sanofi develops with Matrix-M adjuvant or the COVID-19 and combination vaccines. On the other hand, Sanofi will take a 4.9% stake in Novavax worth $70 million.
Agreement on Commercialization of the Vaccines
As stated in the contract, Novavax will lead the commercialization of its COVID-19 vaccine for the rest of 2024. Next year, it will transfer most of this responsibility to Sanofi. The latter will not manage the commercialization in countries where Novavax has existing partnership deals, such as South Korea, Japan, and India.
Nations with purchase agreements with the company will also be off-limits for Sanofi. Sanofi will be the only one in charge of developing and commercializing the combined flu and COVID-19 vaccine for the rest of the world.
"This collaboration is important for Novavax and for global public health. Our new partnership combines Novavax's proprietary recombinant protein and nanoparticle technologies, Matrix adjuvant and R&D expertise with Sanofi's world-class leadership in launching and commercializing innovative vaccines," Novavax's president and chief executive officer, John C. Jacobs, said in a press release. "Together, we can broaden access to both our COVID-19 vaccine and our adjuvant to ensure more individuals can benefit from the protection vaccines can provide."
Sanofi's global head of vaccines R&D, Jean-Francois Toussaint, also commented, "We are excited by the prospect of combining Novavax's adjuvanted COVID-19 vaccine that has shown high efficacy and favorable tolerability, with our rich portfolio of differentiated flu vaccines that have demonstrated superior protection against flu and its serious complications."
Photo by: Novavax Press Assets
