(RTTNews) - Novavax Inc. (NVAX), which entered into a co-exclusive licensing agreement with Sanofi (SNY) to co-commercialize COVID-19 vaccine and develop novel COVID-19-Influenza combination vaccines earlier this year, has achieved the first milestone related to the agreement.
The milestone is associated with Novavax's Phase 2/3 clinical trial for its COVID-19 vaccine in children, triggering the initial $50 million milestone payment from Sanofi.
In addition to the initial $50 million milestone payment, there are further milestones and ongoing tiered royalties to be earned.
Furthermore, Sanofi's two vaccine candidates, which combine Novavax's proven COVID-19 vaccine with its leading influenza vaccines, have progressed to Phase 1/2 clinical trials. If these trials are successful, they could lead to future milestone payments and royalties for Novavax.
NVAX closed Thursday's trading at $9.02, up 2.27%. In premarket trading today, the stock gained another 1.77% and is at $9.18.
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