Pfizer has signed a licensing deal worth up to $530m (€445m) with US-based vaccine technology company Novavax, granting non-exclusive rights to the company’s Matrix-M vaccine adjuvant. The upfront payment totals $30m (€25.2m).

Under the agreement, Pfizer will oversee the development and commercialisation of vaccines using Matrix-M, while Novavax remains responsible for manufacturing and supplying the adjuvant. Novavax can also earn up to $500m (€420m) in development and sales milestones, alongside tiered, high single-digit royalties on products incorporating the adjuvant.

John Jacobs, Novavax CEO, stated at the 2026 J.P. Morgan Healthcare Conference: “Matrix-M is a core element of our future growth strategy.” Novavax has already partnered with Sanofi, Takeda, and the Serum Institute of India, positioning Matrix-M as a key asset in the injectables market. The company plans to expand through additional material transfer agreements.

Novavax maintains its own late-stage pipeline, including seasonal influenza vaccines and an influenza-Covid combination jab. However, the US vaccine market faces uncertainties. US Health Secretary Robert F Kennedy Jr has criticised existing vaccine policies, replaced the CDC Advisory Committee on Immunization Practices with vaccine sceptics, and revoked $500m (€420m) in mRNA research grants. These policy changes contributed to an 82% decline in venture financing for mRNA-based vaccines between 2023 and 2025.

GlobalData valued the US vaccine market at $100bn (€84bn) in November 2021, reflecting the sector’s significant scale and opportunity despite regulatory challenges.

The Pfizer–Novavax partnership underlines the strategic role of adjuvants and corporate alliances in advancing vaccine development amid a complex US regulatory environment.

Discover how this deal could reshape vaccine innovation and market dynamics in the US in the full story.