Zentiva confirms acquisition of 51% stake in Romanina Sicomed for USD102m. Zentiva plans to launch a buy-out offer for the remaining stake at USD0.4797/share valuing the 100% of the company at USD200. Th acquisition will be financed by cash and debt. We expect the acquisition to be value creative for Zentiva in terms of balance sheet restructuring, entry into new market. In addition, Zentiva expects annual synergies of USD6m. Sicomed to be able to reach Zentiva’s operating margin within 3 years. Conference call to the acquisition is scheduled for 15.30 CET. Dial-in: +44 207 365 1843.We are review our recommendation for the company with potential upgrade.