<SEC-DOCUMENT>0001104659-21-100835.txt : 20210805
<SEC-HEADER>0001104659-21-100835.hdr.sgml : 20210805
<ACCEPTANCE-DATETIME>20210805171603
ACCESSION NUMBER:		0001104659-21-100835
CONFORMED SUBMISSION TYPE:	S-8
PUBLIC DOCUMENT COUNT:		4
FILED AS OF DATE:		20210805
DATE AS OF CHANGE:		20210805
EFFECTIVENESS DATE:		20210805

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NOVAVAX INC
		CENTRAL INDEX KEY:			0001000694
		STANDARD INDUSTRIAL CLASSIFICATION:	BIOLOGICAL PRODUCTS (NO DIAGNOSTIC SUBSTANCES) [2836]
		IRS NUMBER:				222816046
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-8
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-258517
		FILM NUMBER:		211149495

	BUSINESS ADDRESS:	
		STREET 1:		21 FIRSTFIELD ROAD
		CITY:			GAITHERSBURG
		STATE:			MD
		ZIP:			20878
		BUSINESS PHONE:		240-268-2000

	MAIL ADDRESS:	
		STREET 1:		21 FIRSTFIELD ROAD
		CITY:			GAITHERSBURG
		STATE:			MD
		ZIP:			20878
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-8
<SEQUENCE>1
<FILENAME>tm2124199d1_s8.htm
<DESCRIPTION>FORM S-8
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>As filed with the Securities and Exchange Commission
on August 5, 2021</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Registration No. 333-</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0; margin-bottom: 0; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM S-8</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>REGISTRATION STATEMENT UNDER THE SECURITIES
ACT OF 1933</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>NOVAVAX, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact name of Registrant as specified in its charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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<TD STYLE="text-align: center; width: 33%; padding: 0.5pt 3.5pt"><B>Delaware<BR> </B><I>(State of incorporation)</I></TD>
<TD STYLE="text-align: center; width: 34%; padding: 0.5pt 3.5pt"><P STYLE="margin-top: 0; margin-bottom: 0"><B>21 Firstfield Road</B> <B><BR> Gaithersburg, Maryland 20878</B></P>
                                                                 <P STYLE="margin-top: 0; margin-bottom: 0"><I>(Address of principal executive offices)</I></P></TD>
<TD STYLE="text-align: center; width: 33%; padding: 0.5pt 3.5pt"><B>22-2816046<BR> </B> <I>(I.R.S. Employer Identification No.)</I></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Novavax, Inc. Amended and Restated 2015 Stock Incentive
Plan</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>(Full Title of the Plan)</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>JOHN A. HERRMANN III</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Executive Vice President, Chief Legal Officer &amp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Corporate Secretary</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Novavax, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">21 Firstfield Road</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Gaithersburg, Maryland 20878</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(240) 268-2000</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(<I>Name, Address and Telephone Number, Including
Area Code, of Agent For Service</I>)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">with copies to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PAUL M. KINSELLA</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Ropes &amp; Gray LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">800 Boylston Street</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Boston, Massachusetts 02199-3600</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(617) 951-7000</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.
See the definitions of &ldquo;large accelerated filer,&rdquo; &ldquo;accelerated filer,&rdquo; &ldquo;smaller reporting company&rdquo;
and &ldquo;emerging growth company&rdquo; in Rule 12b-2 of the Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 23%; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Large accelerated filer</FONT></TD>
    <TD STYLE="width: 26%; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Wingdings; font-size: 10pt">x</FONT></TD>
    <TD STYLE="width: 30%; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accelerated filer</FONT></TD>
    <TD STYLE="width: 21%; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-accelerated filer</FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Smaller reporting company</FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Emerging growth company</FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. </FONT><FONT STYLE="font-family: Wingdings">&uml;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CALCULATION OF REGISTRATION FEE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Title of securities to be registered</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Amount to <BR>
be<BR> registered(1)</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Proposed<BR> maximum <BR> offering<BR> price per <BR> share(2)</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Proposed<BR> maximum<BR>
 aggregate<BR> offering price(2)</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Amount of<BR> registration<BR>
 fee</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 48%; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.25pt">Novavax, Inc. Amended and Restated 2015 Stock Incentive Plan, Common Stock, $0.01 par value</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">1,500,000</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">181.84</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">272,760,000.00</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">29,758.12</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 24px; padding: 0.25pt">(1)</TD>
<TD STYLE="padding: 0.25pt">Plus, pursuant to Rule 416(a) under the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;), such additional number of shares of Novavax, Inc. common stock as may be issued upon a stock split, stock dividend, or similar transaction.</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding: 0.25pt">&nbsp;</TD>
<TD STYLE="padding: 0.25pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(2)</FONT></TD>
<TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Pursuant to Rules 457(c) and 457(h)(1) under the Securities Act, the proposed maximum offering price per share and the maximum aggregate offering price for the shares have been calculated solely for the purpose of computing the registration fee on the basis of the average of the high and low prices of Novavax, Inc. common stock as reported by the Nasdaq Global Select Market on August 2, 2021, which were $186.50 and $177.17, respectively.</FONT></TD></TR>
</TABLE>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EXPLANATORY NOTE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Registration Statement
on Form S-8 (this &ldquo;Registration Statement&rdquo;) registers 1,500,000 additional shares of common stock, par value $0.01 per share
(the &ldquo;Common Stock&rdquo;), of Novavax, Inc. (the &ldquo;Registrant&rdquo;) that may be issued pursuant to awards under the Registrant&rsquo;s
Amended and Restated 2015 Stock Incentive Plan, as amended (the &ldquo;2015 Plan&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PART I</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>INFORMATION REQUIRED IN THE SECTION 10(A) PROSPECTUS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As permitted by Rule 428 under
the Securities Act, this Registration Statement omits the information specified in Part I of Form S-8. The documents containing the information
specified in Part I will be delivered to the participants of the Registrant&rsquo;s 2015 Plan as required by Rule 428(b) of the Securities
Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PART II</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 48px; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item 3.</B></FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Incorporation of Documents by Reference.</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following documents filed
by the Registrant with the Securities and Exchange Commission are hereby incorporated by reference in this Registration Statement on Form
S-8:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25px; padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="width: 25px; padding: 0.5pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD>
    <TD STYLE="padding: 0.5pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Registrant&rsquo;s Annual Report on Form 10-K for the fiscal year ended December 31, 2020, filed on <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1000694/000100069421000004/nvax-20201231.htm">March 1, 2021</A>, as amended by Amendment No. 1 to the Registrant&rsquo;s Annual Report on Form 10-K, filed on <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1000694/000110465921057968/tm2114538d1_10ka.htm">April 30, 2021</A>;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT></TD>
    <TD STYLE="padding: 0.5pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Registrant&rsquo;s Quarterly Reports on Form 10-Q for the fiscal quarter ended March 31, 2021, filed on <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1000694/000100069421000008/nvax-20210331.htm">May 10, 2021</A>, and for the fiscal quarter ended June 30, 2021, filed on <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1000694/000100069421000016/nvax-20210630.htm">August 5, 2021</A>;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</FONT></TD>
    <TD STYLE="padding: 0.5pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Registrant&rsquo;s Current Reports on Form 8-K, filed on <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1000694/000110465921002059/tm211938d1_8k.htm">January 7, 2021</A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1000694/000110465921006716/tm213813d2_8k.htm">January 22, 2021</A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1000694/000110465921025803/tm217283d1_8k.htm">February 19, 2021</A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1000694/000110465921030851/tm218490d1_8k.htm">March 2, 2021</A> (solely with respect to Item 1.01), <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1000694/000110465921051455/tm2113237d1_8k.htm">April 16, 2021</A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1000694/000110465921057776/tm2114655d1_8k.htm">April 29, 2021</A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1000694/000110465921080835/tm2119609d1_8k.htm">June 14, 2021</A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1000694/000110465921081215/tm2119572d1_8k.htm">June 15, 2021</A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1000694/000110465921085176/tm2120584d2_8k.htm">June 24, 2021</A> and <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1000694/000110465921085180/tm2120584d1_8k.htm">June 24, 2021</A>;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</FONT></TD>
    <TD STYLE="padding: 0.5pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Registrant&rsquo;s Proxy Statement on Schedule 14A, filed on May 3, 2021, as supplemented by the Proxy Supplements on Schedule 14A, filed on <A HREF="https://www.sec.gov/Archives/edgar/data/1000694/000110465921070820/tm2117339d1_defa14a.htm">May 24, 2021</A> and <A HREF="https://www.sec.gov/Archives/edgar/data/1000694/000110465921073327/tm2117827d1_defa14a.htm">May 27, 2021</A>; and</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.</FONT></TD>
    <TD STYLE="padding: 0.5pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The description of the Registrant&rsquo;s Common Stock ($0.01 par value) contained in the Registrant&rsquo;s Registration Statement No. 0-26770 on Form 10 filed on September 14, 1995 pursuant to Section 12(b) of the Securities Exchange Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;), including any amendment or report filed for the purpose of updating such description.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">All documents filed after
the date of this Registration Statement by the Registrant pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act prior to
the filing of a post-effective amendment that indicates that all shares of Novavax, Inc.&rsquo;s common stock offered hereunder have been
sold or which deregisters all shares of Novavax, Inc. common stock remaining unsold, shall be deemed to be incorporated by reference herein
and to be a part hereof from the date of the filing of such documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any statement contained in
a document incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for purposes of
this Registration Statement to the extent that a statement contained herein, or in any other subsequently filed document that also is
incorporated or deemed to be incorporated by reference herein, modifies or supersedes such statement. Any statement so modified or superseded
shall not be deemed, except as so modified or superseded, to constitute a part of this Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item
4. Description of Securities.</B></FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item
5. Interests of Named Experts and Counsel.</B></FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item
6. Indemnification of Directors and Officers.</B></FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section
145 of the General Corporation Law of the </FONT>State of Delaware provides as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;A corporation shall
have power to indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action,
suit or proceeding, whether civil, criminal, administrative or investigative (other than an action by or in the right of the corporation)
by reason of the fact that the person is or was a director, officer, employee or agent of the corporation, or is or was serving at the
request of the corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other
enterprise, against expenses (including attorneys&rsquo; fees), judgments, fines and amounts paid in settlement actually and reasonably
incurred by the person in connection with such action, suit or proceeding if the person acted in good faith and in a manner the person
reasonably believed to be in or not opposed to the best interests of the corporation, and, with respect to any criminal action or proceeding,
had no reasonable cause to believe the person&rsquo;s conduct was unlawful. The termination of any action, suit or proceeding by judgment,
order, settlement, conviction, or upon a plea of nolo contendere or its equivalent, shall not, of itself, create a presumption that the
person did not act in good faith and in a manner which the person reasonably believed to be in or not opposed to the best interests of
the corporation, and, with respect to any criminal action or proceeding, had reasonable cause to believe that the person&rsquo;s conduct
was unlawful.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A corporation shall have power
to indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action or suit
by or in the right of the corporation to procure a judgment in its favor by reason of the fact that the person is or was a director, officer,
employee or agent of the corporation, or is or was serving at the request of the corporation as a director, officer, employee or agent
of another corporation, partnership, joint venture, trust or other enterprise against expenses (including attorneys&rsquo; fees) actually
and reasonably incurred by the person in connection with the defense or settlement of such action or suit if the person acted in good
faith and in a manner the person reasonably believed to be in or not opposed to the best interests of the corporation and except that
no indemnification shall be made in respect of any claim, issue or matter as to which such person shall have been adjudged to be liable
to the corporation unless and only to the extent that the Court of Chancery or the court in which such action or suit was brought shall
determine upon application that, despite the adjudication of liability but in view of all the circumstances of the case, such person is
fairly and reasonably entitled to indemnity for such expenses which the Court of Chancery or such other court shall deem proper.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Registrant&rsquo;s second
amended and restated certificate of incorporation (as amended) provides that it will indemnify each person who was or is a party or is
threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative
or investigative (other than an action by or in the right of the Registrant) by reason of the fact that he or she is or was, or has agreed
to become, its director or officer, or is or was serving, or has agreed to serve, at the Registrant&rsquo;s request as a director, officer
or trustee of, or in a similar capacity with, another corporation, partnership, joint venture, trust or other enterprise (all such persons
being referred to as an &ldquo;Indemnitee&rdquo;), or by reason of any action alleged to have been taken or omitted in such capacity,
against all expenses (including attorneys&rsquo; fees), judgments, fines and amounts paid in settlement actually and reasonably incurred
in connection with such action, suit or proceeding and any appeal therefrom, if such Indemnitee acted in good faith and in a manner he
or she reasonably believed to be in, or not opposed to, the best interests of the Registrant, and, with respect to any criminal action
or proceeding, he or she had no reasonable cause to believe his or her conduct was unlawful.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Registrant&rsquo;s second
amended and restated certificate of incorporation (as amended) also provides that it will indemnify any Indemnitee who was or is a party
or is threatened to be made a party to any threatened, pending or completed action or suit by or in the right of the Registrant to procure
a judgment in the Registrant&rsquo;s favor by reason of the fact that the Indemnitee is or was, or has agreed to become, its director
or officer, or is or was serving, or has agreed to serve, at the Registrant&rsquo;s request as a director, officer or trustee or, or in
a similar capacity with, another corporation, partnership, joint venture, trust or other enterprise, or by reason of any action alleged
to have been taken or omitted in such capacity, against all expenses (including attorneys&rsquo; fees) and amounts paid in settlement
actually and reasonably incurred in connection with such action, suit or proceeding, and any appeal therefrom, if the Indemnitee acted
in good faith and in a manner he or she reasonably believed to be in, or not opposed to, the Registrant&rsquo;s best interests, except
that no indemnification shall be made in respect of any claim, issue or matter as to which such person shall have been adjudged to be
liable to the Registrant, unless and only to the extent that the Court of Chancery of Delaware determines that, despite such adjudication
but in view of all of the circumstances, he or she is entitled to indemnification of such expenses. Notwithstanding the foregoing, to
the extent that any Indemnitee has been successful, on the merits or otherwise, he or she will be indemnified by the Registrant against
all expenses (including attorneys&rsquo; fees) actually and reasonably incurred by him or her or on his or her behalf in connection therewith.
If the Registrant does not assume the defense, expenses must be advanced to an Indemnitee under certain circumstances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Registrant has entered
into indemnification agreements with its directors and certain of its officers, in addition to the indemnification provided for in its
second amended and restated certificate of incorporation (as amended), and intends to enter into indemnification agreements with any new
directors and executive officers in the future. The Registrant has purchased and intends to maintain insurance on behalf of any person
who is or was a director or officer against any loss arising from any claim asserted against him or her and incurred by him or her in
any such capacity, subject to certain exclusions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item
8. Exhibits.</B></FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>INDEX OF EXHIBITS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
<TD STYLE="width: 8%; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Exhibit</FONT></TD>
<TD STYLE="width: 2%; padding: 0.25pt">&nbsp;</TD>
<TD STYLE="padding: 0.25pt; width: 90%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 0.5pt; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Number</FONT></TD>
<TD STYLE="padding: 0.25pt">&nbsp;</TD>
<TD STYLE="border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 0.5pt; font-size: 10pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Description</FONT></TD></TR>
<TR>
<TD STYLE="padding: 0.25pt">&nbsp;</TD>
<TD STYLE="padding: 0.25pt">&nbsp;</TD>
<TD STYLE="padding: 0.25pt">&nbsp;</TD></TR>
<TR>
<TD STYLE="vertical-align: top; padding: 0.25pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1000694/000114420415047742/v416489_ex3-1.htm" STYLE="-sec-extract: exhibit">4.1</A></TD>
<TD STYLE="padding: 0.25pt">&nbsp;</TD>
<TD STYLE="padding: 0.25pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1000694/000114420415047742/v416489_ex3-1.htm" STYLE="-sec-extract: exhibit">Second Amended and Restated Certificate of Incorporation of the Registrant (Incorporated by reference to Exhibit 3.1 to the Registrant&rsquo;s Quarterly Report on Form 10-Q for the quarter ended June 30, 2015, filed on August 10, 2015)</A></TD></TR>
<TR>
<TD STYLE="vertical-align: top; padding: 0.25pt">&nbsp;</TD>
<TD STYLE="padding: 0.25pt">&nbsp;</TD>
<TD STYLE="padding: 0.25pt">&nbsp;</TD></TR>
<TR>
<TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1000694/000114420419024901/tv521192_ex3-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4.2</FONT></A></TD>
<TD STYLE="padding: 0.25pt">&nbsp;</TD>
<TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1000694/000114420419024901/tv521192_ex3-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Certificate of Amendment to the Second Amended and Restated Certificate of Incorporation of Novavax, Inc. (Incorporated by reference to Exhibit 3.1 to the Registrant&rsquo;s Current Report on Form 8-K, filed on May 9, 2019)</FONT></A></TD></TR>
<TR>
<TD STYLE="vertical-align: top; padding: 0.25pt">&nbsp;</TD>
<TD STYLE="padding: 0.25pt">&nbsp;</TD>
<TD STYLE="padding: 0.25pt">&nbsp;</TD></TR>
<TR>
<TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1000694/000110465920075307/tm2023024d1_ex3-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4.3</FONT></A></TD>
<TD STYLE="padding: 0.25pt">&nbsp;</TD>
<TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1000694/000110465920075307/tm2023024d1_ex3-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Certificate of Designation of Series A Convertible Preferred Stock (Incorporated by reference to Exhibit 3.1 to the Registrant&rsquo;s Current Report on Form 8-K filed on June 19, 2020)</FONT></A></TD></TR>
<TR>
<TD STYLE="vertical-align: top; padding: 0.25pt">&nbsp;</TD>
<TD STYLE="padding: 0.25pt">&nbsp;</TD>
<TD STYLE="padding: 0.25pt">&nbsp;</TD></TR>
<TR>
<TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1000694/000110465921085180/tm2120584d1_ex3-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4.4</FONT></A></TD>
<TD STYLE="padding: 0.25pt">&nbsp;</TD>
<TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1000694/000110465921085180/tm2120584d1_ex3-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Amended and Restated By-Laws of the Registrant (Incorporated by reference to Exhibit 3.1 to the Registrant&rsquo;s Current Report on Form 8-K filed on June 24, 2021)</FONT></A></TD></TR>
<TR>
<TD STYLE="vertical-align: top; padding: 0.25pt">&nbsp;</TD>
<TD STYLE="padding: 0.25pt">&nbsp;</TD>
<TD STYLE="padding: 0.25pt">&nbsp;</TD></TR>
<TR>
<TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><A HREF="tm2124199d1_ex5-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5.1*</FONT></A></TD>
<TD STYLE="padding: 0.25pt">&nbsp;</TD>
<TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: justify"><A HREF="tm2124199d1_ex5-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Opinion of Ropes &amp; Gray LLP</FONT></A></TD></TR>
<TR>
<TD STYLE="vertical-align: top; padding: 0.25pt">&nbsp;</TD>
<TD STYLE="padding: 0.25pt">&nbsp;</TD>
<TD STYLE="padding: 0.25pt">&nbsp;</TD></TR>
<TR>
<TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1000694/000110465921060332/tm212692d3_def14a.htm#a044" STYLE="-sec-extract: exhibit"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10.1</FONT></A></TD>
<TD STYLE="padding: 0.25pt">&nbsp;</TD>
<TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1000694/000110465921060332/tm212692d3_def14a.htm#a044" STYLE="-sec-extract: exhibit"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Novavax, Inc. Amended and Restated 2015 Stock Incentive Plan (Incorporated by reference to Appendix A of the Registrant&rsquo;s Definitive Proxy Statement filed on May 3, 2021 in connection with the Annual Meeting held on June 17, 2021)</FONT></A></TD></TR>
<TR>
<TD STYLE="vertical-align: top; padding: 0.25pt">&nbsp;</TD>
<TD STYLE="padding: 0.25pt">&nbsp;</TD>
<TD STYLE="padding: 0.25pt">&nbsp;</TD></TR>
<TR>
<TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><A HREF="tm2124199d1_ex5-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">23.1*</FONT></A></TD>
<TD STYLE="padding: 0.25pt">&nbsp;</TD>
<TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: justify"><A HREF="tm2124199d1_ex5-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Consent of Ropes &amp; Gray LLP (included in Exhibit 5.1)</FONT></A></TD></TR>
<TR>
<TD STYLE="vertical-align: top; padding: 0.25pt">&nbsp;</TD>
<TD STYLE="padding: 0.25pt">&nbsp;</TD>
<TD STYLE="padding: 0.25pt">&nbsp;</TD></TR>
<TR>
<TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><A HREF="tm2124199d1_ex23-2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">23.2*</FONT></A></TD>
<TD STYLE="padding: 0.25pt">&nbsp;</TD>
<TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: justify"><A HREF="tm2124199d1_ex23-2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Consent of Ernst &amp; Young LLP, Independent Registered Public Accounting Firm</FONT></A></TD></TR>
<TR>
<TD STYLE="vertical-align: top; padding: 0.25pt">&nbsp;</TD>
<TD STYLE="padding: 0.25pt">&nbsp;</TD>
<TD STYLE="padding: 0.25pt">&nbsp;</TD></TR>
<TR>
<TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><A HREF="#a_001"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">24.1*</FONT></A></TD>
<TD STYLE="padding: 0.25pt">&nbsp;</TD>
<TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: justify"><A HREF="#a_001"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Power of Attorney to file future amendments. Set forth on the signature page of this Registration Statement</FONT></A></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 10px; padding: 0.25pt">&nbsp;</TD>
<TD STYLE="width: 14px; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">*</FONT></TD>
<TD STYLE="padding: 0.25pt">Filed herewith &nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Item 9.</B></FONT> <FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Undertakings.</B></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(a) The undersigned Registrant hereby undertakes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(1) To file, during any period in which offers
or sales are being made, a post-effective amendment to this Registration Statement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 37.4pt; text-align: justify">(i) To include any prospectus required
by Section 10(a)(3) of the Securities Act;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 37.4pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 37.4pt; text-align: justify">(ii) To reflect in the prospectus any
facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which,
individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding
the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed
that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the
form of prospectus filed with the Securities and Exchange Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume
and price represent no more than 20% change in the maximum aggregate offering price set forth in the &ldquo;Calculation of Registration
Fee&rdquo; table in the effective registration statement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 37.4pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 37.4pt; text-align: justify">(iii) To include any material information
with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information
in the registration statement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 37.4pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Provided however, that paragraphs (a)(1)(i) and
(a)(1)(ii) of this section do not apply if the information required to be included in a post-effective amendment by those paragraphs is
contained in reports filed with or furnished to the Securities and Exchange Commission by the Registrant pursuant to section 13 or section
15(d) of the Exchange Act that are incorporated by reference in the registration statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(2) That, for the purpose of determining any liability
under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities
offered therein, and the offering of such securities at that time shall be deemed to be the initial <I>bona fide </I>offering thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(3) To remove from registration by means of a
post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(b) The undersigned Registrant hereby undertakes
that, for purposes of determining any liability under the Securities Act, each filing of the Registrant's annual report pursuant to section
13(a) or section 15(d) of the Exchange Act (and, where applicable, each filing of an employee benefit plan's annual report pursuant to
section 15(d) of the Exchange Act) that is incorporated by reference in the registration statement shall be deemed to be a new registration
statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial
<I>bona fide</I> offering thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(c) Insofar as indemnification for liabilities
arising under the Securities Act may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing
provisions, or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification
is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification
against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling
person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling
person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been
settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against
public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_001"></A>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to the requirements
of the Securities Act of 1933, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements
for filing on Form S-8 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized,
in the city of Gaithersburg, state of Maryland, on August 5, 2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
<TD STYLE="padding: 0.5pt">&nbsp;</TD>
<TD COLSPAN="2" STYLE="padding: 0.5pt; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">NOVAVAX, INC.</FONT></TD></TR>
<TR>
<TD STYLE="padding: 0.5pt">&nbsp;</TD>
<TD COLSPAN="2" STYLE="padding: 0.5pt">&nbsp;</TD></TR>
<TR>
<TD STYLE="width: 50%; padding: 0.5pt">&nbsp;</TD>
<TD STYLE="width: 3%; padding: 0.5pt; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">By: </FONT></TD>
<TD STYLE="width: 47%; border-bottom: black 1pt solid; padding: 0.5pt 0.5pt 1pt; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">/s/ Stanley C. Erck </FONT></TD></TR>
<TR>
<TD STYLE="padding: 0.5pt">&nbsp;</TD>
<TD STYLE="padding: 0.5pt">&nbsp;</TD>
<TD STYLE="padding: 0.5pt; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Stanley C. Erck</FONT></TD></TR>
<TR>
<TD STYLE="padding: 0.5pt">&nbsp;</TD>
<TD STYLE="padding: 0.5pt">&nbsp;</TD>
<TD STYLE="padding: 0.5pt; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">President and Chief Executive Officer</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>POWER OF ATTORNEY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each person whose signature
appears below constitutes and appoints Stanley C. Erck, John J. Trizzino and John A. Herrmann III, and each of them singly, his or her
true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution in each of them singly, for him or her
and in his or her name, place and stead, and in any and all capacities, to sign any and all amendments (including post-effective amendments)
to this Registration Statement on Form S-8 of Novavax, Inc., and to file the same, with all exhibits thereto and other documents in connection
therewith, with the Securities and Exchange Commission, granting to the attorneys-in-fact and agents, and each of them, full power and
authority to do and perform each and every act and thing requisite or necessary to be done in or about the premises, as full to all intents
and purposes as he or she might or could do in person, hereby ratifying and confirming all that the attorneys-in-fact and agents or any
of each of them or their substitutes may lawfully do or cause to be done by virtue hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to the requirements
of the Securities Act of 1933, this Registration Statement has been signed by the following persons in the capacities and on the dates
indicated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD STYLE="padding: 0.25pt 0.25pt 0.5pt; width: 34%; font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Signature</B></FONT></TD>
<TD STYLE="text-align: center; width: 2%; padding: 0.25pt 0.25pt 1.25pt">&nbsp;</TD>
<TD STYLE="padding: 0.25pt 0.25pt 0.5pt; width: 40%; font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Title</B></FONT></TD>
<TD STYLE="text-align: center; width: 2%; padding: 0.25pt 0.25pt 1.25pt">&nbsp;</TD>
<TD STYLE="padding: 0.25pt 0.25pt 0.5pt; width: 22%; font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Date</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center; padding: 0.25pt">&nbsp;</TD>
<TD STYLE="text-align: center; padding: 0.25pt">&nbsp;</TD>
<TD STYLE="text-align: center; padding: 0.25pt">&nbsp;</TD>
<TD STYLE="text-align: center; padding: 0.25pt">&nbsp;</TD>
<TD STYLE="text-align: center; padding: 0.25pt">&nbsp;</TD></TR>
<TR>
<TD STYLE="border-bottom: Black 1pt solid; padding: 0.25pt 0.25pt 0.5pt; vertical-align: bottom; font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">/s/ Stanley C. Erck</FONT></TD>
<TD STYLE="text-align: center; vertical-align: top; padding: 0.25pt">&nbsp;</TD>
<TD STYLE="padding: 0.25pt; vertical-align: top; font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">President and Chief Executive Officer </FONT></TD>
<TD STYLE="text-align: center; vertical-align: top; padding: 0.25pt">&nbsp;</TD>
<TD STYLE="text-align: center; vertical-align: top; padding: 0.25pt">August 5, 2021</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Stanley C. Erck</FONT></TD>
<TD STYLE="text-align: center; padding: 0.25pt">&nbsp;</TD>
<TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">and Director (Principal Executive Officer)</FONT></TD>
<TD STYLE="text-align: center; padding: 0.25pt">&nbsp;</TD>
<TD STYLE="text-align: center; padding: 0.25pt">&nbsp;</TD></TR>
<TR>
<TD STYLE="padding: 0.25pt 0.25pt 0.5pt; vertical-align: bottom; font-size: 10pt; text-align: center">&nbsp;</TD>
<TD STYLE="text-align: center; vertical-align: top; padding: 0.25pt; font-size: 10pt">&nbsp;</TD>
<TD STYLE="padding: 0.25pt; vertical-align: top; font-size: 10pt; text-align: center">&nbsp;</TD>
<TD STYLE="text-align: center; vertical-align: top; padding: 0.25pt; font-size: 10pt">&nbsp;</TD>
<TD STYLE="padding: 0.25pt; vertical-align: top; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR>
<TD STYLE="border-bottom: Black 1pt solid; padding: 0.25pt 0.25pt 0.5pt; vertical-align: bottom; font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">/s/ John J. Trizzino</FONT></TD>
<TD STYLE="text-align: center; vertical-align: top; padding: 0.25pt">&nbsp;</TD>
<TD STYLE="padding: 0.25pt; vertical-align: top; font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Executive Vice President, Chief Commercial Officer, Chief Business Officer and Interim Chief Financial Officer</FONT></TD>
<TD STYLE="text-align: center; vertical-align: top; padding: 0.25pt">&nbsp;</TD>
<TD STYLE="text-align: center; vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">August </FONT>5, 2021</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">John J. Trizzino</FONT></TD>
<TD STYLE="text-align: center; padding: 0.25pt">&nbsp;</TD>
<TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(Principal Financial and Accounting Officer)</FONT></TD>
<TD STYLE="text-align: center; padding: 0.25pt">&nbsp;</TD>
<TD STYLE="text-align: center; padding: 0.25pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding: 0.25pt 0.25pt 0.5pt; font-size: 10pt; text-align: center">&nbsp;</TD>
<TD STYLE="text-align: center; padding: 0.25pt; font-size: 10pt">&nbsp;</TD>
<TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: center">&nbsp;</TD>
<TD STYLE="text-align: center; padding: 0.25pt; font-size: 10pt">&nbsp;</TD>
<TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-bottom: Black 1pt solid; padding: 0.25pt 0.25pt 0.5pt; font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">/s/ James F. Young</FONT></TD>
<TD STYLE="text-align: center; padding: 0.25pt">&nbsp;</TD>
<TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Chairman of the Board of Directors</FONT></TD>
<TD STYLE="text-align: center; padding: 0.25pt">&nbsp;</TD>
<TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">August </FONT><FONT STYLE="font-size: 10pt">5, 2021</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">James F. Young</FONT></TD>
<TD STYLE="text-align: center; padding: 0.25pt">&nbsp;</TD>
<TD STYLE="text-align: center; padding: 0.25pt">&nbsp;</TD>
<TD STYLE="text-align: center; padding: 0.25pt">&nbsp;</TD>
<TD STYLE="text-align: center; padding: 0.25pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding: 0.25pt 0.25pt 0.5pt; font-size: 10pt; text-align: center">&nbsp;</TD>
<TD STYLE="text-align: center; padding: 0.25pt; font-size: 10pt">&nbsp;</TD>
<TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: center">&nbsp;</TD>
<TD STYLE="text-align: center; padding: 0.25pt; font-size: 10pt">&nbsp;</TD>
<TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-bottom: Black 1pt solid; padding: 0.25pt 0.25pt 0.5pt; font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">/s/ Gregg H. Alton</FONT></TD>
<TD STYLE="text-align: center; padding: 0.25pt">&nbsp;</TD>
<TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Director</FONT></TD>
<TD STYLE="text-align: center; padding: 0.25pt">&nbsp;</TD>
<TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">August </FONT><FONT STYLE="font-size: 10pt">5, 2021</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Gregg H. Alton</FONT></TD>
<TD STYLE="text-align: center; padding: 0.25pt">&nbsp;</TD>
<TD STYLE="text-align: center; padding: 0.25pt">&nbsp;</TD>
<TD STYLE="text-align: center; padding: 0.25pt">&nbsp;</TD>
<TD STYLE="text-align: center; padding: 0.25pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding: 0.25pt 0.25pt 0.5pt; font-size: 10pt; text-align: center">&nbsp;</TD>
<TD STYLE="text-align: center; padding: 0.25pt; font-size: 10pt">&nbsp;</TD>
<TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: center">&nbsp;</TD>
<TD STYLE="text-align: center; padding: 0.25pt; font-size: 10pt">&nbsp;</TD>
<TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-bottom: Black 1pt solid; padding: 0.25pt 0.25pt 0.5pt; font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">/s/ Richard H. Douglas</FONT></TD>
<TD STYLE="text-align: center; padding: 0.25pt">&nbsp;</TD>
<TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Director</FONT></TD>
<TD STYLE="text-align: center; padding: 0.25pt">&nbsp;</TD>
<TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">August </FONT><FONT STYLE="font-size: 10pt">5, 2021</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Richard H. Douglas</FONT></TD>
<TD STYLE="text-align: center; padding: 0.25pt">&nbsp;</TD>
<TD STYLE="text-align: center; padding: 0.25pt">&nbsp;</TD>
<TD STYLE="text-align: center; padding: 0.25pt">&nbsp;</TD>
<TD STYLE="text-align: center; padding: 0.25pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding: 0.25pt 0.25pt 0.5pt; font-size: 10pt; text-align: center">&nbsp;</TD>
<TD STYLE="text-align: center; padding: 0.25pt; font-size: 10pt">&nbsp;</TD>
<TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: center">&nbsp;</TD>
<TD STYLE="text-align: center; padding: 0.25pt; font-size: 10pt">&nbsp;</TD>
<TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-bottom: Black 1pt solid; padding: 0.25pt 0.25pt 0.5pt; font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">/s/ Rachel K. King</FONT></TD>
<TD STYLE="text-align: center; padding: 0.25pt">&nbsp;</TD>
<TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Director</FONT></TD>
<TD STYLE="text-align: center; padding: 0.25pt">&nbsp;</TD>
<TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">August </FONT><FONT STYLE="font-size: 10pt">5, 2021</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Rachel K. King</FONT></TD>
<TD STYLE="text-align: center; padding: 0.25pt">&nbsp;</TD>
<TD STYLE="text-align: center; padding: 0.25pt">&nbsp;</TD>
<TD STYLE="text-align: center; padding: 0.25pt">&nbsp;</TD>
<TD STYLE="text-align: center; padding: 0.25pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding: 0.25pt 0.25pt 0.5pt; font-size: 10pt; text-align: center">&nbsp;</TD>
<TD STYLE="text-align: center; padding: 0.25pt; font-size: 10pt">&nbsp;</TD>
<TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: center">&nbsp;</TD>
<TD STYLE="text-align: center; padding: 0.25pt; font-size: 10pt">&nbsp;</TD>
<TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-bottom: Black 1pt solid; padding: 0.25pt 0.25pt 0.5pt; font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">/s/ Margaret G. McGlynn</FONT></TD>
<TD STYLE="text-align: center; padding: 0.25pt">&nbsp;</TD>
<TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Director</FONT></TD>
<TD STYLE="text-align: center; padding: 0.25pt">&nbsp;</TD>
<TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">August </FONT><FONT STYLE="font-size: 10pt">5, 2021</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Margaret G. McGlynn</FONT></TD>
<TD STYLE="text-align: center; padding: 0.25pt">&nbsp;</TD>
<TD STYLE="text-align: center; padding: 0.25pt">&nbsp;</TD>
<TD STYLE="text-align: center; padding: 0.25pt">&nbsp;</TD>
<TD STYLE="text-align: center; padding: 0.25pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding: 0.25pt 0.25pt 0.5pt; font-size: 10pt; text-align: center">&nbsp;</TD>
<TD STYLE="text-align: center; padding: 0.25pt; font-size: 10pt">&nbsp;</TD>
<TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: center">&nbsp;</TD>
<TD STYLE="text-align: center; padding: 0.25pt; font-size: 10pt">&nbsp;</TD>
<TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-bottom: Black 1pt solid; padding: 0.25pt 0.25pt 0.5pt; font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">/s/ Michael A. McManus</FONT></TD>
<TD STYLE="text-align: center; padding: 0.25pt">&nbsp;</TD>
<TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Director</FONT></TD>
<TD STYLE="text-align: center; padding: 0.25pt">&nbsp;</TD>
<TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">August </FONT><FONT STYLE="font-size: 10pt">5, 2021</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Michael A. McManus</FONT></TD>
<TD STYLE="text-align: center; padding: 0.25pt">&nbsp;</TD>
<TD STYLE="text-align: center; padding: 0.25pt">&nbsp;</TD>
<TD STYLE="text-align: center; padding: 0.25pt">&nbsp;</TD>
<TD STYLE="text-align: center; padding: 0.25pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding: 0.25pt 0.25pt 0.5pt; font-size: 10pt; text-align: center">&nbsp;</TD>
<TD STYLE="text-align: center; padding: 0.25pt; font-size: 10pt">&nbsp;</TD>
<TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: center">&nbsp;</TD>
<TD STYLE="text-align: center; padding: 0.25pt; font-size: 10pt">&nbsp;</TD>
<TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-bottom: Black 1pt solid; padding: 0.25pt 0.25pt 0.5pt; font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">/s/ Rajiv I. Modi</FONT></TD>
<TD STYLE="text-align: center; padding: 0.25pt">&nbsp;</TD>
<TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Director</FONT></TD>
<TD STYLE="text-align: center; padding: 0.25pt">&nbsp;</TD>
<TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">August 5, 2021</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Rajiv I. Modi</FONT></TD>
<TD STYLE="text-align: center; padding: 0.25pt">&nbsp;</TD>
<TD STYLE="text-align: center; padding: 0.25pt">&nbsp;</TD>
<TD STYLE="text-align: center; padding: 0.25pt">&nbsp;</TD>
<TD STYLE="text-align: center; padding: 0.25pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding: 0.25pt 0.25pt 0.5pt; font-size: 10pt; text-align: center">&nbsp;</TD>
<TD STYLE="text-align: center; padding: 0.25pt; font-size: 10pt">&nbsp;</TD>
<TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: center">&nbsp;</TD>
<TD STYLE="text-align: center; padding: 0.25pt; font-size: 10pt">&nbsp;</TD>
<TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-bottom: Black 1pt solid; padding: 0.25pt 0.25pt 0.5pt; font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">/s/ David M. Mott</FONT></TD>
<TD STYLE="text-align: center; padding: 0.25pt">&nbsp;</TD>
<TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Director</FONT></TD>
<TD STYLE="text-align: center; padding: 0.25pt">&nbsp;</TD>
<TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">August 5, 2021</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">David M. Mott</FONT></TD>
<TD STYLE="text-align: center; padding: 0.25pt">&nbsp;</TD>
<TD STYLE="text-align: center; padding: 0.25pt">&nbsp;</TD>
<TD STYLE="text-align: center; padding: 0.25pt">&nbsp;</TD>
<TD STYLE="text-align: center; padding: 0.25pt">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>2
<FILENAME>tm2124199d1_ex5-1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 5.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 12%; font-size: 10pt"><FONT STYLE="font-size: 10pt"><IMG SRC="image_001.jpg" ALT="RopesGray_431" STYLE="height: 79px; width: 62px"></FONT></TD>
    <TD STYLE="width: 88%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6.75pt">ROPES &amp; GRAY LLP</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6.75pt">PRUDENTIAL TOWER</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6.75pt">800 BOYLSTON STREET</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6.75pt">BOSTON, MA 02199-3600</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6.75pt">WWW.ROPESGRAY.COM</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">August 5, 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Novavax, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">21 Firstfield Road</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Gaithersburg, Maryland 20878</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This opinion letter is furnished to you in connection
with the registration statement on Form S-8 (the &ldquo;<U>Registration Statement</U>&rdquo;), filed by Novavax, Inc., a Delaware corporation
(the &ldquo;<U>Company</U>&rdquo;), on the date hereof, with the Securities and Exchange Commission under the Securities Act of 1933,
as amended (the &ldquo;<U>Securities Act</U>&rdquo;), for the registration of 1,500,000 shares of Common Stock, $0.01 par value, of the
Company (the &ldquo;<U>Shares</U>&rdquo;). The Shares are issuable under the Company&rsquo;s Amended and Restated 2015 Stock Incentive
Plan (the &ldquo;<U>Plan</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We are familiar with the actions taken by the Company
in connection with the adoption of the Plan. We have examined such certificates, documents and records and have made such investigation
of fact and such examination of law as we have deemed appropriate in order to enable us to render the opinions set forth herein. In conducting
such investigation, we have relied, without independent verification, upon certificates of officers of the Company, public officials and
other appropriate persons.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The opinions expressed below are limited to the
Delaware General Corporation Law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Based upon and subject to the foregoing, we are
of the opinion that the Shares have been duly authorized and, when the Shares have been issued and sold in accordance with the terms of
the Plan, the Shares will be validly issued, fully paid and nonassessable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We hereby consent to the filing of this opinion
letter as an exhibit to the Registration Statement. In giving such consent, we do not thereby admit that we are in the category of persons
whose consent is required under Section 7 of the Securities Act or the rules and regulations thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%">
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt; width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif">Very truly yours,</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">/s/ Ropes &amp; Gray LLP</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Ropes &amp; Gray LLP</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

</BODY>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.2
<SEQUENCE>3
<FILENAME>tm2124199d1_ex23-2.htm
<DESCRIPTION>EXHIBIT 23.2
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 23.2</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Consent of Independent Registered Public Accounting
Firm</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We consent to the incorporation by reference in the Registration Statement
(Form S-8), dated August 5, 2021, pertaining to the Novavax, Inc. Amended and Restated 2015 Stock Incentive Plan of our reports dated
March 1, 2021, with respect to the consolidated financial statements of Novavax, Inc., and the effectiveness of internal control over
financial reporting of Novavax, Inc. included in its Annual Report (Form 10-K) for the year ended December 31, 2020 filed with the Securities
and Exchange Commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ Ernst &amp; Young LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Tysons, Virginia</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">August 5, 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

</BODY>
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</DOCUMENT>
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<SEQUENCE>4
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