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  "documentTitle": "Twist Bioscience (TWST)",
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  "notes": "The slide uses a 'villain' framing by highlighting the 'reckless' nature of the pricing and citing competitors' shock.",
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      "text": "Twist’s pricing is so reckless that it attempts to undercut even ultra-cheap, ultra-low cost Chinese DNA manufacturers like Genscript, where an executive told us he was “was shocked” at Twist’s list prices, doubting they “will ever be profitable.”",
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      "text": "price per base pair: 7c",
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      "text": "The executive indicated they were pricing at 50 cents per base pair when Twist burst onto the scene in 2019 – versus Twist prices now 90% lower than then-prevailing Asian prices. AbbVie, an occasional Twist customer, stated that Chinese companies now list at 7c – and noted that 50%-75% discounts off list are the norm.",
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      "text": "I think Twist is not profitable because I was shocked when you mentioned the pricing of 7 cents to 10 cents a base pair. At that rate, I don’t think they will ever be profitable.",
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      "text": "Back in 2019, when Twist came into the space, it was about 50 cents per base pair for GenScript, and now we’re down to like 35 cents per base pair.",
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      "text": "I don’t know anyone today who would be pricing at 20 cents per base pair... I think 9 cents is very reasonable. There are lost-cost providers that can do things in China for maybe 7 cents.",
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      "text": "“I think Twist is not profitable because I was shocked when you mentioned the pricing of 7 cents to 10 cents a base pair. At that rate, I don’t think they will ever be profitable. I think they may be doing that to increase market share, maybe doing some kind of marketing campaign to win the market.” — Executive at Genscript, key Twist competitor; “Back in 2019, when Twist came into the space, it was about 50 cents per base pair for GenScript, and now we’re down to like 35 cents per base pair.” — Executive at Genscript, key Twist competitor; “I don’t know anyone today who would be pricing at 20 cents per base pair. I think that’s a thing of the past, and actually, I don’t remember this being that expensive. Some companies charge more for more complex genes. Certain gene sequences are harder to synthesize. I think 9 cents is very reasonable. There are lost-cost providers that can do things in China for maybe 7 cents.” — Abbvie R&D Director; Twist customer",
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      "text": "Source: Scorpion Capital consultation calls with experts",
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