Novavax has entered into a license agreement with Pfizer for use of Novavax's Matrix-M® adjuvant. Under the terms of the agreement, Pfizer will obtain a non-exclusive license for Matrix-M for use with Pfizer's products in up to two disease areas.
"The Novavax team is excited about this agreement with Pfizer to access our Matrix-M® technology in its future development plans," said John C. Jacobs, President and Chief Executive Officer, Novavax. "This agreement, along with other recently formed partnerships, is further evidence of the potential utility of Matrix-M for the development of new products."
Under the terms of the license agreement:
- Novavax will receive an upfront payment of $30 million and the potential to receive up to $500 million in development and sales milestones.
- In addition to milestone payments, Novavax is eligible to receive tiered high mid-single digit percentage royalty payments on sales of any product by Pfizer that includes Matrix-M.
- Pfizer will be solely responsible for the development and commercialization of its products utilizing Matrix-M.
- Novavax will be responsible for the supply of Matrix-M.
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