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H1 results were in line with our expectations and primarily underscored the potential importance of more detailed analysis of the Phase II Yakult Phase I/II trial data (expected early 2017) and the launch of its potentially pivotal Phase II study with resminostat in CTCL (Q416). 4SC is also progressing its earlier-stage assets such as 4SC-205, being developed in China with partner Link Health, and indicates that it is actively pursuing a partner for 4SC-202. We slightly raise our rNPV to €110m.

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