We believe that the FDA's immediate concern level with the products is low and see black box as unlikely. A medication guide is more likely because of the strong panel vote in its favor.

is to show the intensity of the concern, and to make it very clear at the highest level what we expect.

Given increasing market hopes of a full approval, we believe that this could disappoint investors.

With few new drugs coming through the pipeline, significant investment is required to build a pipeline sufficient to support future growth, especially in light of patent expiries in 2007-9. Nevertheless, we see significant share price downside as unlikely.

Although we continue to see attractive long-term growth potential in the shares, we feel that this is now more adequately valued at the current price.

There is a lot of concern back home about the lack of free market floating of the currency.