Novavax to Offer $200M of Convertible Senior Notes Due 2023

Novavax, Inc.

today announced that it intends to offer, subject to market and other conditions, $200 million aggregate principal amount of convertible senior unsecured notes that will mature on February 1, 2023 (the Notes). The Notes will be offered and sold only to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended. Novavax also expects to grant the initial purchasers of the Notes an option to purchase up to an additional $30 million aggregate principal amount of the Notes, solely to cover over-allotments. Citigroup and J.P. Morgan are acting as joint book-running managers of the offering."We completed five clinical trials during 2015, leading to the launch of two Phase 3 trials and accelerating the pace to commercialization," said Stanley C. Erck, President and CEO. "The purpose of this offering and the rationale for a convertible note is to strengthen the balance sheet while minimizing dilution. If completed, this offering will enhance our balance sheet as we engage potential partners in discussions on RSV F Vaccine commercialization rights