Amarin Corp Plc (AMRN)

[xblkbk]

Hey BB,

Ironically, there is an interesting dynamic in the AMRN and PFE/MRNA situations. Namely, API !!

Manufacturing mRNA vaccines in particular isn’t just about getting access to IP

There are several bottlenecks for large scale manufacturing of mRNA vaccines in particular (LNPs and beyond).

Pfizer/BioNtech and Moderna have locked in a LOT of raw materials and supply chain to be able to deliver the 2B+ and 1B+ doses in 2021.

Separately, more routine sounding things like “fill finish” actually require a fair amount of capex investment in aseptic facilities + isolator technologies etc.
In addition, its not just that Pfizer and Moderna have locked supply chain, I understand that companies are also paying a % of sales to the supply chain partners.

As a frame of reference, notice how Curevac (3rd mRNA player) can only manufacture 300M doses this year … vs Pfizer and Moderna at 1B and higher