Novavax Major Shareholder Calls For Sale Of Company To Larger Pharma Entity
Synopsis
Shah Capital currently owns 11.8 million shares or 7.2% of Novavax.
Novavax (NVAX) shares traded 1% higher in the pre-market session on Tuesday after its second-largest shareholder, Shah Capital, called for the sale of the company, citing persistent underperformance.
Shah Capital currently owns 11.8 million shares or 7.2% of Novavax. The firm said in a letter to the Novavax board of directors that since March 2023, its concerns have accelerated with “Nuvoxovid’s rollout slipups including this fall, timid/ineffective marketing, extremely poor capital market actions, and tremendous lack of accountability.”
“Novavax’s IP and scientific capabilities will have far greater upside potential in the hands of large capable pharma entity,” Shah Capital said, while recommending an immediate formal strategic review for the sale of the company.
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