The issuance of a five-year bond loan of SEK 300 million gives Moberg Pharma a strong financial position without further dilution. This opens up for taking on new acquisitions to expand its US OTC business. The challenge, we believe, will be in finding assets at attractive multiples. As guided previously by management, competition has intensified somewhat in the past year. It will be important to deliver on acquisitions of new products, as we expect sales growth from existing OTC products to decline considerably in 2016 and show a 5% growth rate compared to an expected growth rate of 42% in 2015. The main value driver of the share price in 2016 will be the delivery of new product deals and the Rx projects to advance further in clinical development. We are lowering our fair value (DCF valuation) to SEK 69 (74).