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French drugmakerSanofi is strengthening its pact with U.S. vaccine developerTranslate Bio Inc. to develop shots for Covid-19 and the flu in a deal that could be valued at as much as $2.3 billion.
Sanofi will pay $425 million upfront, the companiessaid Tuesday. The French company also agreed to pay as much as $1.9 billion upon meeting various goals, plus royalties.
Translate Bio and Sanofi formed an alliance and license agreement in 2018 to develop mRNA vaccines for infectious diseases. The companies are studying several vaccine candidates for Covid-19, aiming to start a clinical trial in the fourth quarter of this year.
The Paris-based drugmaker announced plans earlier this month to invest 610 million euros ($690 million) boosting its vaccine business with two new production and research centers in its home market.
26,171 in U.S.Most new cases today
-8% Change in MSCI World Index of global stocks since Wuhan lockdown, Jan. 23
-1.027 Change in U.S. treasury bond yield since Wuhan lockdown, Jan. 23
-2.3% Global GDP Tracker (annualized), May