IMHO … It’s kind of in between.
Reasons –
Economies of scale in Xanthine business. That’s a kind of competitive advantage
The APIs they sell are sold to regulated markets. So … they have to have good compliance and quality control measures in place. That’s a sort of entry barrier
Their CDMO business is in nascent stages. If they can scale it up ( which should be a medium term kind of target ), this can be a real speciality business because u get to make On-Patent molecules
Basically … one has to monitor the progress and act accordingly
Disc: I hold a tracking position
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