Shah Capital has urged Novavax’s 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. 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.” Himanshu Shah, founder and chief investment officer of the fund, told Reuters that Novavax could get a valuation of “at least $5 billion” based on the commercial potential of the company’s vaccines. He also believes that the “political picture” and scientific evidence were in Novavax’s favor.
Read the full article: Shah Capital Pushes for Novavax’s Sale on Persistent Underperformance, Marketing Missteps //
Source: https://finance.yahoo.com/news/shah-capital-pushes-novavaxs-sale-114348078.html