Thanks so much for sharing your DD and sources. Very interesting and it helped to solidify my confidence in the vaccine growth prospects of NVAX. The distribution portion of the report (page 38) explains NVAX's competitive advantage to disrupt the vaccine market by having a formulation that does not require frozen storage and NVAX has a very favorable shelf life. It explains the trouble Medimmune had with market acceptance of FluMist and Merck's problem with Gardasil because of these issues.
I think your perspective is very rational. A similar thing happened at IDRA which is now ramping up for final testing and commercialization prospects for 2016. The CEO was most passionate about R&D and the science and was being bogged down by the new responsibilities of scaling up for commercial operation. They found a replacement for him so he can get back to what he loves and does best.