CEO, Jiri Michal, repeated yesterday that the company should shortly become CEE market leader through its expansion into Poland, Russia and the Baltic states and via some kind of investment. We repeat our assumption that Zentiva should announce an acquisition/joint venture in the near future given its low leverage and strong free cash flow generation. We also believe that there is a new wave of consolidation among generic pharmas given the currently fragmented generics market, Novartis’s announced acquisition of Hexal and Teva’s plan for new acquisitions.