Redeye sees a clear rationale for the combination of PledPharma and Rare Thyroid Therapeutics, as it strengthens PledPharma's Orphan Drug pipeline considerably. Also, we believe the price tag looks very reasonable. Due to the significantly increased share base from the acquisition and subsequent rights issue, we lower our base case somewhat to SEK 13 (15). We still exclude the Pledox project from our valuation, anticipating the read-out from the prematurely closed Phase III POLAR program in Q4.