Today’s trading update contains no major surprises, and emphasises the expected commercial synergies from the Dharmacon acquisition. EBITDA for the enlarged group is expected to be approximately break-even before exceptionals, integration costs and discontinued operations (incl. the Vienna facility, which will be closed for efficiency reasons). We continue to believe that the Dharmacon’s gene modulation capability represents an excellent strategic and commercial fit, and reiterate our Buy recommendation.