Novavax Earns $125 Million Milestone as Sanofi Begins Phase 3 Flu-COVID Combination Vaccine Trial; NVAX Rises

Novavax Inc. (NVAX) said it earned a $125 million milestone payment after Sanofi SA (SNY) began a Phase 3 trial in Europe of an influenza-COVID-19 combination vaccine built on Novavax's Nuvaxovid. NVAX was trading at $10.41, up 0.82%; SNY was at $42.42, up 0.46%. The trial, which started after the fifth participant was dosed, is evaluating the safety and immunogenicity of Nuvaxovid combined with Sanofi's high-dose influenza vaccine, Efluelda/Fluzone High-Dose, in adults aged 60 and older. Novavax said the combined global influenza and COVID-19 vaccine markets currently exceed $10 billion. The payment is part of Novavax's collaboration and licensing agreement with Sanofi, which includes royalties on Nuvaxovid sales and other milestone payments. Novavax is eligible for $75 million upon completion of a manufacturing technology transfer, expected in mid-2027, and $225 million upon a U.S. launch of a combination vaccine. CEO John C. Jacobs said the partnership has generated more than $1 billion in revenue for Novavax to date.