New York, January 21, 2026, 05:22 EST — Premarket
- NVAX gained about 1% in premarket action, extending the boost from its licensing deal with Pfizer
- Pfizer has obtained rights to Novavax’s Matrix-M vaccine adjuvant for up to two infectious disease programs
- Traders are demanding the upfront payment for Q1 along with more transparency on extra licenses
Novavax shares edged higher by about 1% in premarket Wednesday after announcing a licensing agreement with Pfizer for its Matrix‑M vaccine technology. The stock last changed hands at $8.28, marking a 0.98% increase. 1
Novavax’s deal is significant as the company looks to pivot its platform toward steadier revenue sources amid a drop in pandemic vaccine sales. Investors are increasingly focused on partnerships that bring upfront payments plus ongoing royalties, moving away from relying solely on seasonal demand surges.
Pfizer is zeroing in on Matrix‑M, an adjuvant that amplifies the immune response in vaccines. Novavax, on the other hand, markets it as a versatile add-on for other companies’ vaccines, not solely a standalone shot.
Novavax revealed Pfizer will shell out $30 million upfront, plus the chance to earn another $500 million tied to development milestones and sales goals. Additionally, tiered royalties in the high mid-single digits will kick in on net sales. CEO John C. Jacobs voiced excitement about incorporating Matrix-M into Pfizer’s development pipeline. 2
A regulatory filing showed the deal went live on January 15, giving Pfizer a global, non-exclusive license for at least one infectious disease “field,” with the possibility of a second. Novavax confirmed Pfizer has already chosen the first field and could opt for another later. The milestone pool includes up to $70 million for development milestones and as much as $180 million tied to sales milestones per field.
Novavax’s Jacobs told Reuters the company is seeing “multiples more” interest in Matrix‑M than at any time during his three-year tenure. Chief strategy officer Elaine O’Hara pointed to their non-aluminum-based formula as a possible alternative amid rising scrutiny of vaccine additives from allies of U.S. Health Secretary Robert F. Kennedy Jr. Analysts at H.C. Wainwright said the Pfizer deal’s value seems generally in line with Novavax’s earlier agreement with Sanofi and could help “secure the long-term future” of the company. 3
Novavax closed the last session up 2.37% at $8.20, standing strong despite the Nasdaq Composite’s sharp decline. Trading volumes shot past the 50-day average, MarketWatch data shows. 4
Novavax’s pitch is straightforward: Matrix-M already underpins its vaccines, and licensing it opens the door to funding from larger partners. For Pfizer, it provides a fast track to enhance immune response without building an adjuvant from scratch.
But milestones don’t come without conditions. If Pfizer changes its priorities, delays projects, or if vaccines for those diseases hit roadblocks in trials or regulatory approvals, Novavax could be left with only the upfront payment—and little else.
Traders are watching to see whether the paper deal will translate into real programs—and actual cash flow. The $30 million upfront payment, due in the first quarter, stands as the nearest milestone. More detailed contract terms are expected to come to light when Novavax files its 2025 annual report.
