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  1. Despite the recent pricing adjustment experienced by NVAX, as well as adjuvant sourcing issues facing the company to produce mass quantities of serum, we remain optimistic about the overall target price going into second-half of 2022; maintaining an outlook that the company is well positioned to produce the serum at global demand scale.

  2. This position was closed. We no longer take the outlook that producing serum at global scale for any one vaccine therapies is a prudent investment of our resources and therefor conclude tracking and trading of pharmaceutical companies short or longer term. While there is tremendous upside potential for a company that has contracts with the largest serum manufacturer in India, that upside comes at in waves and short-term based on pandemic and other global health trends. Long-term it is no longer a category of assets we see material value in.

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