Astellas is building off an existing relationship with the biotech formed last August, joining the growing number of large pharmas looking at tackling solid tumors with cell therapy.

Pfizer/BioNTech’s COVID-19 vaccine Comirnaty toppled after recording the highest ever annual sales for a pharmaceutical in 2022, while Novo Nordisk’s Ozempic climbed rapidly. But Merck & Co’s immuno-oncology blockbuster Keytruda was secure in the number one spot in 2023 as COVID-19 receded.

Shah Capital Management said Novavax could tap the estimated 100 million Americans uncomfortable with mRNA vaccines, such as those from Pfizer/BioNTech and Moderna.

The company announced a series B-2 financing of $158m that it plans to use for pivotal Phase II development of TORL-1-23, which it called a first-in-class agent.