INTEGRATIVE INSIGHTS
ON EMERGING OPPORTUNITIES

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About the Author:
Tracy Marshbanks, Ph.D.
Managing Director
Tracy Marshbanks is a managing director. He works with companies in a variety of sectors, particularly businesses where chemical and medical technologies are a key differentiating element. He is a thought leader in his sectors, authoring research and using his industry knowledge and expansive network to uncover promising investment opportunities and help companies navigate their strategic paths and accelerate growth. Prior to joining First Analysis in 1999, he held a number of positions with Amoco Corp. with responsibilities ranging from refining research and development to capital planning (first in petroleum refining and then in marketing). He earned an MBA from the University of Chicago, a doctorate in chemical engineering from Purdue University, and a bachelor’s degree in chemical engineering from Colorado State University.
First Analysis Process Technology Team
Tracy Marshbanks, Ph.D.
Managing Director
Eric Terhorst
Senior Vice President
Matthew Nicklin
Managing Director
Joseph Munda
Vice President
First Analysis Quarterly Insights
Process Technology
The war on coronavirus and innovation in process technology and services
June 10, 2020
  • We believe the worldwide effort to develop treatments and vaccines for COVID-19 will help transform global vaccine capabilities and be a catalyst to drive new, more productive technology platforms forward to commercialization.
  • The effort to approve and produce vaccines and treatments will provide an additional tailwind on top of already healthy growth in the pharma service and technology sector.
  • Given the urgent nature and large volume of any resulting vaccines, we assume they will face extreme price pressure and limited margins. Therefore, on a risk adjusted basis we think the companies best positioned to grow and profit as a result of these efforts are the providers of services and technology - the picks and shovels of the efforts - where productivity and technology tend to be rewarded.

TABLE OF CONTENTS

Who are the players?

Wars and races drive innovation and opportunity

But it's not just vaccines

Select COVID-19 partnerships in the sector

Interesting times ahead

Process technology outperforms major indices, rallies to annual high

Process technology M&A loses steam

Process technology private investment slows during 1H20

Introduction

In our first Process Technology Quarterly Insights report, it is nearly impossible to not review the healthcare oriented players in the space and how they contribute to the war on COVID-19. The current effort to address the pandemic serves as an example of the power and flexibility of the evolving pharma technology and services sector, from fundamental research to packaging of drug product to meet healthcare needs. In addition, we believe innovation and adoption of new ways of operating prompted by these desperate times bodes well for the sector participants both in the short and long runs.

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