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Activist Investor Demands Novavax Shake-up Amid Weak Vaccine Sales
13 Nov, 2025
Summary
- Shah Capital, Novavax's 2nd-largest shareholder, wants strategic changes
- Threatens proxy fight if no progress in 4 months
- Novavax's COVID-19 vaccine sales disappoint, with only 120,000 doses sold
As of November 13, 2025, Novavax is facing mounting pressure from its second-largest shareholder, Shah Capital, to address the company's underperformance. In a letter to Novavax's board, the hedge fund expressed growing frustration over the disappointing sales of the company's protein-based COVID-19 vaccine.
According to the letter, Novavax's vaccine sold only about 120,000 doses as of October 31, 2025, during the 2025-26 season that started in August. This pales in comparison to the 14.5 million doses sold by two competitors in the same period, leaving Novavax with a meager 0.8% market share.
The hedge fund said it remains "at a complete loss" over the poor sales and is questioning whether Novavax and its partner are exhibiting a "profound lack of competence or intentionally underperforming." The fund has increased its stake in Novavax to about 8.3%, up from 7.2% in October.
Shah Capital's founder, Himanshu Shah, warned that if he doesn't see changes happening in the next four months, the fund is prepared to launch a proxy fight. The activist investor is urging Novavax's board to immediately form a committee to evaluate a potential sale and hire a qualified investment bank.
