Novavax and Pfizer agreed to a non-exclusive licensing arrangement granting Pfizer access to Novavax’s Matrix-M adjuvant technology for use in vaccines targeting up to two infectious disease areas.

The deal reflects Novavax’s new strategy heading into 2026, which aims to create collaborative partnerships. CEO John Jacobs announced this strategy at the 2026 J.P. Morgan Healthcare conference earlier this month.

“This company is no longer about one product or one season,” Jacobs said during his 44^th annual J.P. Morgan healthcare conference presentation, “It’s about building a sustainable engine for value creation built on technology, discipline, and long-term partnerships.”

What is Matrix-M?

Novavax’s Matrix-M is an aluminum-free adjuvant designed to enhance immune responses in protein-based vaccines.¹ Adjuvants are critical components in many vaccine formulations due to their ability to improve immunogenicity and broaden protection, particularly in protein or subunit platforms that otherwise elicit modest immune responses alone.

During his J.P. Morgan presentation this year, Jacobs described Matrix-M as a broadly applicable technology capable of enhancing immune responses across multiple vaccine platforms while also holding the ability to lower antigen requirements and manufacturing costs.

The technology’s non-aluminum profile distinguishes it from many traditional adjuvants and may address specific manufacturing and regulatory considerations for next-generation vaccines.

"That's obviously been a significant topic of debate," Novavax chief strategy officer Elaine O'Hara said. "Our position is that we have a non-alum-based adjuvant that... is a very, very robust alternative for companies."

Novavax executives have highlighted an increasing interest from potential partners in Matrix-M, with Jacobs noting it’s the most interest he’s seen in his three years at CEO, according to Reuters.

What are the details of the licensing agreement?

Under the terms of the agreement, Pfizer is expected to pay an upfront total of $30 million in early 2026 to Novavax, while holding the potential to provide up to $500 million more in development and commercial milestone payments, along with tiered, high mid-single-digit royalties on net sales of any vaccine products that incorporate Matrix-M.¹

Pfizer will be responsible for development, regulatory approval, manufacturing, and commercialization of products that include the adjuvant, while Novavax will be expected to supply the adjuvant itself.¹

The deal comes against the backdrop of declining sales for Novavax’s covid vaccine, Nuvaxovid (approved by FDA in 2025), as demand continues to decline following tighter recommendations from U.S. health regulators and intensified competition from mRNA-based vaccines.

For Pfizer, the agreement strengthens its access to diversified vaccine technologies as Pfizer’s vaccine business has been historically anchored by its mRNA Covid product in partnership with BioNTech, which has undergone revisions with portfolio adjustments and evolving regulatory expectations for variant-specific boosters and broader infectious disease targets.²

"The Novavax team is excited about this agreement with Pfizer to access our Matrix-M technology in its future development plans," said Jacobs. "This agreement, along with other recently formed partnerships, is further evidence of the potential utility of Matrix-M for the development of new products.

Sources

1. Novavax Signs Licensing Agreement with Pfizer for Vaccine Development Reuters January 21, 2026 https://www.reuters.com/business/healthcare-pharmaceuticals/novavax-enters-license-agreement-with-pfizer-vaccine-development-2026-01-20/
2. Novavax Announces Entering into a License Agreement with Pfizer Novavax January 20, 2026 https://ir.novavax.com/press-releases/2026-01-20-Novavax-Announces-Entering-into-a-License-Agreement-with-Pfizer