Shah Capital pushes for Novavax’s sale on underperformance, Reuters says

Shah Capital has urged Novavax’s (NVAX) board to pursue a sale of the biotech, citing a third consecutive year of poor roll-out of its COVID-19 shot, the hedge fund said on Tuesday, Reuters’ Sneha S K and Bhanvi Satija reports. In its letter, shared exclusively with Reuters, the company’s second largest shareholder recommended that Novavax’s capabilities will “have far greater potential in the hands of a large capable pharma entity.” Shah Capital owns a 7.2% stake in Novavax, the authors note.