Pharma BD Deal Intelligence

Takeda Pharmaceutical Company Limited / Novavax Inc.

2025 · Licensing/Option · Complete

Novavax and Takeda entered into an amended and restated collaboration and exclusive license agreement on April 29, 2025 (disclosed by 8-K filed May 5, 2025) that supersedes their February 24, 2021 agreement covering Takeda's exclusive license to develop, manufacture and commercialize the Novavax COVID-19 vaccine (NVX-CoV2373) in Japan. The amendment lets Takeda develop and commercialize a vaccine strain different from the strain Novavax selects for the year, provided the Takeda-selected strain is procured from Novavax, and Takeda continues purchasing Novavax's Matrix-M adjuvant. Novavax receives a $19.5 million non-refundable upfront payment ($5 million creditable against FY2024 royalties), $2 million annually for services, and an $8 million annual milestone payment ($5 million creditable) tied to marketing approval. The prior operating-profit share is replaced by tiered royalties in the mid- to high-teen percentages of Takeda net sales, effective April 1, 2024.

This deal is too recent to grade. Critic Score and Outcome Score are assigned after the announcement-week coverage settles and, for Outcome, after the 5-year post-close assessment window opens — expected 2030 at the earliest for this deal, once/if it closes.

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