French pharmaceutical giant Sanofi and struggling US rival Novavax announced Friday an alliance to sell a Covid vaccine and develop another that combines with a flu shot.
Under a licensing deal worth up to $1.2 billion, the companies will co-commercialise Novavax's Covid-19 vaccine worldwide, except in some countries including India, Japan and South Korea, where the US firm already has partnership agreements.
Novavax will receive an upfront payment of $500 million and up to $700 million if it reachers certain milestones while Sanofi will take a five percent stake in the US company.The French group will be able to develop a combination flu-Covid vaccine using its own flu shots with the US company's Covid jab.Novavax, which is highly dependent on its Covid vaccine, raised doubts last year about its ability to continue its business.
The Maryland-based firm was an early frontrunner in the global vaccine race, but fell behind after being hit by manufacturing and regulatory delays.
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