(RTTNews) - Novavax, Inc. (NVAX) announced Tuesday that it has entered into a license agreement with Pfizer, Inc. (PFE) 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.
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, while Novavax will be responsible for the supply of Matrix-M.
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