Novavax licenses Matrix-M adjuvant to Pfizer for up to $500M milestones plus royalties

NOVAVAX INC

Upfront payment of $30M in Q1 2026; eligible for up to $500M in milestones ($70M development, $180M sales per field).
Tiered high mid-single digit royalties on net sales until later of 20 years or patent expiry.
Non-exclusive worldwide license for up to two infectious disease fields; first field selected, second at Pfizer's option.
Pfizer controls development, manufacturing, and commercialization; separate supply agreements to be finalized.

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