Zentiva announced that it is prolonging the buy-out offer for the remaining Sicomed shares. The offer will be extended to 6 January (the previous deadline was 8 December), to allow the Romanian Registry to process the shares. Originally, Zentiva offered for the remaining stake RON 1.37 per share, for a total of USD 92.5m. Note that a shareholder of Sicomed, QVT Fund LP, currently holding 10% in Sicomed, plans to call an EGM to force Zentiva to increase the buyout offer to at least LEU 1.50 per share, putting the value of the remainder of the stake at approximately USD 101.2m. Zentiva bought 50.98% for USD 102m. Zentiva also plans to de-list Sicomed from the Bucharest Stock Exchange. In our projections, we have assumed that Zentiva will gain 100% control of Sicomed. We expect no particular impact on Zentiva, as it is mostly an administrative act. We reiterate our BUY recommendation.