Investment Thesis
The stakes have never been higher in the battle for a promising COVID-19 vaccine. The valuations of developers have reached a peak leaving no room for error. Several contracts to manufacture the experimental vaccine candidates have turned Emergent BioSolutions, Inc. (EBS) into an indirect COVID-19 vaccine play. And the company's polyclonal antibody therapy against the virus can act as a bridge to contain the pandemic until a vaccine takes over. Set to enter the Phase 3 trials this month, its development, however, trails more specific monoclonal counterparts. The newly-signed deals, meanwhile, will accelerate