In December 2000, Novavax acquired privately owned Fielding Pharmaceutical Company (“Fielding”), based in St. Louis, Missouri, which sells,
markets and distributes a proprietary line of pharmaceutical products focused on women’s health. The puchase method of accounting was used to
account for the transaction.

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Note added at 19 mins (2018-07-11 10:20:03 GMT)
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Selling, general and administrative expenses were $4.7 million for 2001, compared to $1.3 million incurred for the same period in 2000, an increase
of $3.4 million. This increase was due to a number of factors, including the sales and marketing costs to support product sales, the increases in
personnel from the Fielding acquisition, the full effect of increases in administrative and executive employees in 2000 and 2001 to support our
growth and the initiation of commercialization activities for ESTRASORB. In addition, we also expensed approximately $700,000 for goodwill
amortization related to the Fielding acquisition and the acquisition of the AVC™ Product Line from King in January 2001 for $3.3 million. Research
and development expenses were $3.8 million in 2001 compared to $2.1 million in 2000. This $1.7 million increase in research and development
expenses is primarily due to NDA preparation and filing costs related to ESTRASORB and additional expenses to support the growth in research
and development contracts.

Product and another pharmaceutical product. NOVAVAX Product shall specifically
exclude any pharmaceutical or related products owned by NOVAVAX as a direct result of the consummation of the Fielding Acquisition Agreement (as defined in the Note Purchase Agreement) so long as any such pharmaceutical
product or related product does not include or use ESTRASORB™ or ANDROSORB™ technology or Know How.

https://ir.novavax.com/static-files/ad3a136c-e89f-4725-b701-...