PARIS (dpa-AFX) - Sanofi (SNYNF, SNY) and Novavax Inc. (NVAX) announced a
co-exclusive licensing agreement to co-commercialize COVID-19 vaccine and
develop Novel COVID-19-Influenza combination vaccines. In addition, Sanofi will
take a minority equity stake below 5% in Novavax.

The agreement encompasses several key terms: a co-exclusive license for global
co-commercialization of Novavax's current standalone adjuvanted COVID-19
vaccine, with exceptions for countries covered by existing Advance Purchase
Agreements and in India, Japan, and South Korea due to preexisting partnership
agreements; a sole license to employ Novavax's adjuvanted COVID-19 vaccine
alongside Sanofi's flu vaccines, while Novavax maintains the rights to develop
its own COVID-19-Influenza Combination vaccine; a non-exclusive license for
utilizing Novavax's adjuvanted COVID-19 vaccine in combination with non-flu
vaccines; and a non-exclusive license for incorporating the Matrix-M adjuvant in
vaccine products.

As per the terms of the licensing deal, Novavax will receive an upfront payment
of $500 million and up to $700 million in development, regulatory and launch
milestones, up to $1.2 billion in total.

Commencing in 2025, Sanofi will record sales of Novavax's adjuvanted COVID-19
vaccine and will provide backing for specific research and development,
regulatory, and commercial expenditures.

Novavax will receive tiered double-digit percentage royalty payments on sales by
Sanofi of COVID-19 vaccines and COVID-19-Influenza Combination vaccines.

Sanofi will be solely responsible for development and commercialization of any
novel flu-COVID-19 combination vaccine containing a Sanofi flu vaccine.

Outside of the collaboration, each party may develop and commercialize their own
COVID-19-Influenza combination vaccines and adjuvanted products at their own
cost.

Novavax is entitled to additional launch and sales milestone opportunities of up
to $200 million, plus mid-single digit royalties for each additional Sanofi
vaccine product developed under a non-exclusive license with Novavax's Matrix-M
adjuvant technology.

Meanwhile, Novavax said it now expects total revenue for fiscal year 2024 to be
in the range of $400 million - $600 million compared to the prior estimation of
$800 million - $1.00 billion.



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