The FTSE 100-listed pharma giant would be responsible for the development and worldwide manufacturing and distribution of the candidate.
The two parties will operate on a not-for-profit basis for the duration of the coronavirus pandemic, using proceeds to cover the costs of production and distribution exclusively.
Royalties received by the university post-pandemic will be reinvested in research.
3/3 The science is uncertain, and no vaccine may work, but this deal gives the UK the best chance we can of a breakthrough that could defeat this awful virus. I’m sending best wishes for good fortune to all involved - for the sake of the nation and indeed the whole world— Matt Hancock (@MattHancock) April 30, 2020
The university’s Jenner Institute begun the first phase of trials last week, after receiving the priority label by the government.
Data from the trial could come as early as next month, with phase 2 potentially starting around June.
Shares in AstraZeneca jumped 3% to 8,449.72p on Thursday after lunch.