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Novavax Grants License for Use of Matrix-M Adjuvant to Pfizer
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Key Takeaways
NVAX's non-exclusive deal with PFE grants the latter access to its Matrix-M adjuvant technology.
Novavax will receive $30M upfront, up to $500M in milestones, plus mid-single-digit royalties on net sales.
NVAX will supply Matrix-M while PFE will handle development and commercialize products using the adjuvant.
Novavax (NVAX - Free Report) announced a non-exclusive license agreement with Pfizer (PFE - Free Report) , granting the latter access to its proprietary Matrix-M adjuvant technology for use in up to two disease areas. The collaboration highlights the growing recognition of Matrix-M’s versatility and its potential role in supporting the development of innovative vaccines and therapeutics.
Financial Highlights
Per the terms of the agreement, Novavax will receive an upfront payment of $30 million from Pfizer and is eligible to earn up to $500 million in potential development and commercial milestone payments.
In addition, Pfizer will pay Novavax tiered, high, mid-single-digit royalties on net sales of any of its products incorporating Matrix-M adjuvant.
Pfizer will take full responsibility for the development and commercialization of products using the adjuvant, while Novavax will supply Matrix-M.
Over the past year, NVAX’s shares have declined 7.1% against the industry’s 15.1% rise.
Image Source: Zacks Investment Research
Expanding Role of Matrix-M in Global Vaccine Programs
Matrix-M is Novavax’s proprietary, saponin-based adjuvant technology designed to enhance and broaden immune responses to vaccines. It is currently utilized in a globally approved vaccine.
The Matrix-M adjuvant is a key component of Novavax's COVID-19 vaccine, Nuvaxovid/Covovax, and its pipeline candidates for influenza and an influenza /COVID-19 combination vaccine.
The University of Oxford used the Matrix-M adjuvant to develop the R21 vaccine for malaria, with commercialization rights licensed to the Serum Institute of India. Novavax claims that several other partners are also evaluating Matrix-M to develop their malaria vaccines.
Additionally, Novavax maintains a co-exclusive licensing agreement with Sanofi (SNY - Free Report) that includes a non-exclusive license to use the Matrix-M adjuvant in vaccine products. In September 2025, the agreement was amended to expand Sanofi's license to include the use of Novavax's Matrix-M adjuvant in its pandemic influenza vaccine candidate program. In return, Novavax is entitled to receive up to $210 million from Sanofi, plus mid-single-digit royalties.
In 2023, the technology was also licensed to the Bill & Melinda Gates Medical Research Institute and SK Bioscience for use in preclinical vaccine research and experiments, supporting broader global vaccine discovery efforts.
Over the past 60 days, estimates for MannKind’s 2026 earnings per share have increased from 7 cents to 9 cents. MNKD shares have declined 11.1% over the past year.
MannKind’s earnings beat estimates in two quarters, missed in one and were in line in the remaining quarter, with the average surprise being 33.33%.
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Novavax Grants License for Use of Matrix-M Adjuvant to Pfizer
Key Takeaways
Novavax (NVAX - Free Report) announced a non-exclusive license agreement with Pfizer (PFE - Free Report) , granting the latter access to its proprietary Matrix-M adjuvant technology for use in up to two disease areas. The collaboration highlights the growing recognition of Matrix-M’s versatility and its potential role in supporting the development of innovative vaccines and therapeutics.
Financial Highlights
Per the terms of the agreement, Novavax will receive an upfront payment of $30 million from Pfizer and is eligible to earn up to $500 million in potential development and commercial milestone payments.
In addition, Pfizer will pay Novavax tiered, high, mid-single-digit royalties on net sales of any of its products incorporating Matrix-M adjuvant.
Pfizer will take full responsibility for the development and commercialization of products using the adjuvant, while Novavax will supply Matrix-M.
Over the past year, NVAX’s shares have declined 7.1% against the industry’s 15.1% rise.
Image Source: Zacks Investment Research
Expanding Role of Matrix-M in Global Vaccine Programs
Matrix-M is Novavax’s proprietary, saponin-based adjuvant technology designed to enhance and broaden immune responses to vaccines. It is currently utilized in a globally approved vaccine.
The Matrix-M adjuvant is a key component of Novavax's COVID-19 vaccine, Nuvaxovid/Covovax, and its pipeline candidates for influenza and an influenza /COVID-19 combination vaccine.
The University of Oxford used the Matrix-M adjuvant to develop the R21 vaccine for malaria, with commercialization rights licensed to the Serum Institute of India. Novavax claims that several other partners are also evaluating Matrix-M to develop their malaria vaccines.
Additionally, Novavax maintains a co-exclusive licensing agreement with Sanofi (SNY - Free Report) that includes a non-exclusive license to use the Matrix-M adjuvant in vaccine products. In September 2025, the agreement was amended to expand Sanofi's license to include the use of Novavax's Matrix-M adjuvant in its pandemic influenza vaccine candidate program. In return, Novavax is entitled to receive up to $210 million from Sanofi, plus mid-single-digit royalties.
In 2023, the technology was also licensed to the Bill & Melinda Gates Medical Research Institute and SK Bioscience for use in preclinical vaccine research and experiments, supporting broader global vaccine discovery efforts.
Novavax’s Zacks Rank & Stock to Consider
NVAX currently carries a Zacks Rank #3 (Hold).
A better-ranked stock in the biotech sector is MannKind (MNKD - Free Report) , which currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Over the past 60 days, estimates for MannKind’s 2026 earnings per share have increased from 7 cents to 9 cents. MNKD shares have declined 11.1% over the past year.
MannKind’s earnings beat estimates in two quarters, missed in one and were in line in the remaining quarter, with the average surprise being 33.33%.