Novavax signed a $1.2 billion licensing agreement with Sanofi that includes commercializing a combined COVID-19 and flu shot.

Novavax will receive $500 million in upfront payments as well as a further $700 million if all development, regulatory and launch milestones are met, according to a statement Friday. Novavax, which will receive tiered royalties on any vaccine sales, said Sanofi is also taking a minority equity stake of about 5% in the US company.

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