The commercial take-off of Epi proColon is taking longer than forecast due to sluggish reimbursement and guideline progress in the US. This does not alter our fundamental view that this first ever blood-based diagnostic test for colon cancer is highly innovative and should find widespread use in time. Our forecasts have been adjusted down to take account of the slower adoption phase. The takeover offer of €7.52 per share looks acceptable and represents a reasonable premium to our target price given the early commercial status of Epi proColon. We lower our recommendation to NEUTRAL (from OUTPERFORM) and amend our target price to €6.82 (from €7.81).
