Pfizer has formed a multi-year research and development deal worth up to $425 million with BioNTech AG, a Mainz, Germany-based biopharmaceutical company focused on immunotherapies for treating cancer and infectious disease, to develop mRNA-based vaccines for preventing influenza (flu).

Under the agreement, Pfizer and BioNTech will jointly conduct research and development activities to help advance mRNA-based flu vaccines. Pfizer will assume sole responsibility for further clinical development and commercialization of mRNA-based flu vaccines, following BioNTech’s completion of a first-in-human clinical study.

BioNTech will receive $120 million in upfront, equity and near-term research payments and up to an additional $305 million in potential development, regulatory, and commercial milestone payments. In addition, BioNTech will receive up to double-digit tiered royalty payments associated with worldwide sales if the program reaches commercialization.

Source: BioNTech AG