08:29 AM EST, 12/13/2024 (MT Newswires) -- Novavax ( NVAX ) said Friday it achieved the first milestone under its agreement with Sanofi ( SNY ) , earning a $50 million payment tied to progress in its phase 2/3 trial for a COVID-19 vaccine in children.

The payment marks the first milestone since the partnership began in May, Novavax ( NVAX ) said. The company could earn up to $300 million in additional milestones related to its COVID-19 vaccine and a further $350 million for combination products under the agreement, alongside tiered royalties on future sales.