VaxEquity was founded in 2020 by Imperial College London and life sciences investor Morningside Ventures, based on the innovative saRNA technology developed by Robin Shattock, head of Immunology of Infection within the Department of Infectious Diseases, and his colleagues at the university.

Anglo-Swedish pharma major AstraZeneca is involved in a collaboration with VaxEquity focused on the discovery, development and commercialization of proprietary saRNA therapeutics using the biotech company's platform.

AstraZeneca will provide support with research and development funding and should the drugmaker advance any of the research programs into its pipeline, VaxEquity could receive development, approval and sales-based milestones totalling up to $195 million, along with royalties in the mid-single digits per program.