Pfizer has signed a deal worth up to $530m with US-based vaccine technology company Novavax.
This agreement will see Pfizer hand over $30m upfront for the non-exclusive rights to Novavax’s proprietary Matrix-M vaccine adjuvant, which is designed to boost and prolong the immune response when added to an injectable formulation.
Pfizer will be wholly responsible for the development and commercialisation of any vaccine products created using Matrix-M while Novavax will be responsible for the manufacturing and supply of the adjuvant to Pfizer.
The deal will also entitle Novavax to receive up to $500m in development and sales milestones for any products containing Matrix-M, as well as tiered, high single-digit royalties on vaccines that incorporate the adjuvant.
This marks a positive step forward for Novavax, which is homing in on Matrix-M as a core element of its future growth strategy, the company’s CEO, John Jacobs, said at the 2026 J.P. Morgan Healthcare Conference.
Thus far, Novavax has already inked deals with Sanofi and Takeda, as well as organisations like the Serum Institute of India. As the company looks to grow within the injectables market, it hopes to forge more material transfer agreements (MTAs) under the premise that such deals might blossom into partnerships.
Novavax has its own late-stage vaccine pipeline, which includes products seasonal influenza and an influenza-Covid combination jab.
Future of vaccine market in US remains unclear
Since Dr Edward Jenner invented the first vaccination in 1796, these immunisations have come to be a fundamental aspect of healthcare. Since then, scientists have developed vaccines for a plethora of infectious diseases, which have protected billions globally.
However, not everybody agrees on the benefit of vaccines, as US Health Secretary Robert F Kennedy Jr (RFK Jr) is a public critic of them. During his time at the White House, he has already contributed to the upending of several long-standing vaccine policies – including the previous recommendation that all infants get vaccinated against hepatitis B.
RFK Jr was also responsible for the firing of the entire US Centers for Disease Control and Prevention’s (CDC) Advisory Committee on Immunization Practices (ACIP) panel, replacing them with some known vaccine sceptics who have drawn criticism from industry professionals.
mRNA vaccines have also been a target for RFK Jr, as he previously revoked $500m in research grants involving such technologies in a bid to deprioritise their development. This has had a profound knock-on effect in this niche, with venture financing for mRNA-based vaccines experiencing an 82% decline between 2023 and 2025, according to GlobalData.
Parent company of Pharmaceutical Technology, GlobalData, also valued the vaccine market at $100bn in November 2021.
