GSK (NYSE:GSK) has announced a significant restructuring of its partnership with biopharmaceutical company CureVac (NASDAQ:CVAC).

This new development transitions their existing collaboration into a licensing agreement, granting GSK the global rights to develop, manufacture, and commercialize mRNA vaccines targeting influenza and COVID-19.

Under the terms of the newly formed agreement, CureVac is set to receive an upfront payment of €400 million.

Additionally, the deal includes the potential for CureVac to earn up to €1.05 billion in milestone payments, alongside royalties on future vaccine sales.

However, the completion of this agreement is contingent upon receiving the necessary antitrust and regulatory approvals, as well as satisfying customary closing conditions.