Novavax, Inc., a biopharmaceutical company, focuses on the development of vaccines for infectious diseases. The company was founded in 1987 and is headquartered in Rockville, Maryland. In December 1995, IGI distributed its ownership of Novavax, Inc. to IGI stockholders. In connection with the distribution, the Company paid Novavax $5,000,000 and assigned them all IP related to the encapsulation technologies.