Takeda Pharmaceutical Co. said Friday it will produce and sell in Japan a COVID-19 vaccine being developed by U.S. biotechnology firm Novavax Inc.

Novavax, which is carrying out clinical trials for the vaccine candidate, NVX-CoV2373, will license and transfer manufacturing technologies to Takeda, the two companies said.

In this photo illustration the logo of Novavax is seen on the image of Coronavirus. (NurPhoto/Getty/Kyodo)

Takeda, which will receive funding from Japan's health ministry, anticipates the capacity to produce over 250 million doses of the vaccine a year.

It will secure regulatory approval in Japan to supply the vaccine.

Photo taken on April 20, 2018, shows a logo of Takeda Pharmaceutical Co. installed on its head office building in Tokyo. (Kyodo)

"Nothing is more important right now than protecting the world against COVID-19. We are excited to collaborate with Novavax to bring their promising vaccine candidate to Japan," Rajeev Venkayya, president of Takeda's global vaccine business unit, said in a statement.

The announcement came as Japan is struggling to stem a resurgence in coronavirus cases after it appeared to have brought it under control this spring without lockdowns.

NVX-CoV2373 is a vaccine candidate engineered from the genetic sequence of the virus that causes COVID-19, a respiratory disease.

Novavax said it has received funding from the U.S. government to develop an effective COVID-19 vaccine and aims to deliver 100 million doses of NVX-CoV2373 from as early as late 2020.