Pfizer and Valneva entered a collaboration to co-develop and commercialize VLA15, the only active Lyme disease vaccine candidate in clinical development. Valneva received $130M upfront, $35M development milestones, $143M early commercial milestones, plus 19% tiered royalties on sales. Pfizer led late-stage development and commercialization globally; Valneva funded 30% of shared development costs.