We established a position in BioNTech (BNTX, Financial) in the third quarter. BioNTech is focused on harnessing the power of the immune system to develop novel therapies against cancer and infectious diseases. The company has a validated and leading mRNA platform with underappreciated COVID-19-vaccine, cash-flow- generation potential, as well as broad pipeline-optionality with multiple catalysts ahead. We feel that cash-flow generation from the vaccine and the potential upside from the need for additional booster shots are still underappreciated. Additionally, BioNTech is working on additional vaccines to combat future COVID-19 variants, and it offers exposure to a broad pipeline of therapies to treat cancer and a variety of infectious diseases, including flu., flu, and other infectious diseases. A final, underappreciated revenue opportunity is the expected recommendation that the general population should be vaccinated at least annually.
From Spiros Segalas (Trades, Portfolio)' Harbor Capital Appreciation Fund third-quarter 2021 commentary.
