Shah Capital Urges Novavax to Undertake Strategic Review

Shah Capital Management, a significant shareholder of Novavax, Inc., has filed an amendment to its Schedule 13D, urging the company's board of directors to undertake a formal strategic review, including a potential sale of the company. Shah Capital, which owns 7.2% of Novavax's common stock, expressed concerns over the company's persistent underperformance, operational and marketing failures, and recent capital-allocation decisions. The letter highlights the company's missed FDA timelines, inadequate marketing, and supply issues, which have resulted in minimal market share for its COVID-19 vaccine, Nuvaxovid, despite its scientific superiority. Shah Capital believes that Novavax's assets and technology would be better realized under a larger pharmaceutical entity and recommends an immediate strategic review to restore investor confidence.