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French, US drug firms team up for Covid-flu shot
Business and Economy

French, US drug firms team up for Covid-flu shot

by  AFP 2 min read
The Sanofi-Novavax vaccine deal is worth up to $1.2 billion
The Sanofi-Novavax vaccine deal is worth up to $1.2 billion. Photo: ALAIN JOCARD, JUSTIN TALLIS / AFP/File
Source: AFP

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French pharmaceutical giant Sanofi and struggling US rival Novavax announced Friday an alliance to sell a Covid vaccine and develop another that combines with a flu shot.

Under a licensing deal worth up to $1.2 billion, the companies will co-commercialise Novavax's Covid-19 vaccine worldwide, except in some countries including India, Japan and South Korea, where the US firm already has partnership agreements.

Novavax will receive an upfront payment of $500 million and up to $700 million if it reachers certain milestones while Sanofi will take a five percent stake in the US company.

Sanofi will book sales of Novavax's protein-based Covid-19 vaccine from 2025.

The French group will be able to develop a combination flu-Covid vaccine using its own flu shots with the US company's Covid jab.

The announcement comes as pharmaceutical companies have reported drops in sales for Covid vaccines.

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Novavax, which is highly dependent on its Covid vaccine, raised doubts last year about its ability to continue its business.

The Maryland-based firm was an early frontrunner in the global vaccine race, but fell behind after being hit by manufacturing and regulatory delays.

For Sanofi, the deal is a chance to develop a combination flu-Covid jab.

"With flu and Covid-19 hospital admission rates now closely mirroring each other, we have an opportunity to develop non-mRNA flu-Covid-19 combination vaccines offering patients both enhanced convenience and protection against two serious respiratory viruses," said Jean-Francois Toussaint, Sanofi's global head of vaccine research and development.

Source: AFP

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