Novavax and Pfizer have announced a non-exclusive licensing agreement, marking a pivotal strategic shift for Novavax in 2026. Under the terms, Pfizer gains access to Novavax’s proprietary Matrix-M adjuvant technology for use in developing vaccines across up to two infectious disease targets.
Understanding Matrix-M Technology Matrix-M is a critical component designed to enhance immune responses in protein-based vaccines. Distinguishing itself from traditional adjuvants, Matrix-M is aluminum-free, which can improve the immunogenicity and protective breadth of vaccine candidates. The technology not only bolsters immune efficacy but also holds the potential to reduce antigen requirements, thereby lowering manufacturing costs.
Financial Structure of the Deal
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Upfront Payment: Pfizer is set to pay Novavax $30 million in early 2026.
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Milestone Payments: Novavax is eligible for up to $500 million in additional payments contingent upon reaching specific development and commercial milestones.
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Royalties: Novavax will receive tiered, high mid-single-digit royalties on net sales of any vaccine products incorporating the adjuvant.
Under the agreement, Pfizer will oversee development, regulatory approval, manufacturing, and commercialization. Novavax will be responsible for supplying the Matrix-M adjuvant.
Strategic Context This deal highlights Novavax’s transition toward a partnership-driven growth model, moving away from reliance on a single product. The collaboration arrives as sales for Novavax’s COVID-19 vaccine decline due to mRNA competition and evolving regulatory recommendations. For Pfizer, the agreement allows for the diversification of its vaccine portfolio beyond its established mRNA platform.