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Novavax and Allergan Terminate Manufacturing Supply Agreement for Estrasorb
Date:10/25/2007

Action allows Novavax to focus on its vaccine business and reduce cash burn

ROCKVILLE, Md., Oct. 25 /PRNewswire-FirstCall/ -- Novavax, Inc. (Nasdaq: NVAX) announced today that it has agreed with Allergan, Inc. to terminate its manufacturing supply agreement for Estrasorb. Estrasorb was previously licensed by Novavax to Esprit Pharma, Inc. (recently acquired by Allergan, Inc.) in 2006 and is an approved estrogen product for relief of moderate to severe vasomotor symptoms (hot flashes) associated with menopause. Under the termination agreement, Novavax will complete the manufacture of remaining orders for the product and plans to close its Philadelphia manufacturing facility over the next few months. Allergan will continue to sell Estrasorb for the foreseeable future from available inventory.

The goal to exit manufacturing of Estrasorb had been a high priority of the Company's Board and management team since this activity was not strategic to the Company's core vaccine business and was a cash drain to Novavax. The Company had continued manufacturing Estrasorb since it was tied to the product's license agreement. Additionally, Allergan will return to Novavax the rights to develop ESP 210, an investigational drug in Phase II development for the treatment of hypoactive sexual desire disorder.

"We are focused on executing our vaccine business strategy and have previously stated that one of our highest corporate priorities is to divest the Company's various non-vaccine product candidates and technologies. Today's announcement terminating the Estrasorb supply agreement is in line with this corporate priority and will reallocate our cash to our core business, the development of new vaccines," said Dr. Rahul Sing
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SOURCE Novavax, Inc.
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