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Inclusion Criteria:

1. Diagnosis of severe or very severe aplastic anemia, defined by \[29\]:

   * At least two of the following:

     * Absolute neutrophil counts \<0.5 x 109/L (severe) or \<0.2 x 109/L (very severe)
     * Platelet counts \<20 x 109/L
     * Reticulocyte counts \<60 x 109/L
   * Hypocellular bone marrow (\<30% cellularity), without evidences of fibrosis or malignant cells
2. Male or female age \> 14 years;
3. Written informed consent
4. Willing and able to comply with all of the requirements and visits in the protocol
5. Understands that they can be randomised to either treatment arm
6. Negative pregnancy test for women of child bearing age
7. Written acceptance to use contraception (hormonal or barrier method of birth control; abstinence) for the entire duration of study participation.

Exclusion Criteria:

1. Prior immunosuppressive therapy with ATG (horse of rabbit) or any other lymphocyte depleting agent (i.e., alemtuzumab)
2. Eligibility to a sibling allogeneic stem cell transplantation
3. Evidence of a myelodysplastic syndrome, defined by the presence of myelodysplastic features, excess of blasts or karyotypic abnormalities typical of MDS (according to revised WHO 2008 criteria) \[30\],, as well as other primitive marrow disease. Patients with diagnosis of AA with cytogenetic abnormalities which are recurrent in MDS (according to revised WHO 2008 criteria) \[30\] should be included in this category, and are not eligible for the study; patients with del(20q), +8 and -Y are not included in this category, and thus are eligible for this study. The list of karyotypic abnormalities which qualifies for the diagnosis of MDS are listed in the Appendix.
4. History or clinical suspect of constitutional aplastic anemia (i.e. Fanconi Anemia with positive DEB/MMC test or Dyskeratosis Congenita)
5. History of malignant tumors with active disease within 5 years from enrollment, and/or previous chemo-radiotherapy
6. Previous history of stem cell transplantation
7. Treatment with cyclosporin A unless

   * \<4 weeks of cyclosporin A treatment before enrolement and
   * wash out period of 2 weeks before enrollment
8. CMV viremia, as defined by positive PCR or pp65 test
9. WHO performance status ≥3
10. Pregnant or breast feeding patients
11. Patients with hepatic, renal or cardiac failure, or any other life- threatening concurrent disease
12. Patients with HIV infection
13. Patients without social health care assistance
14. Participation in another clinical trial within 1 month before the start of this trial
15. Patients and/or female partners of male patients not using highly effective method of birth control i.e. intrauterine device (IUD), hormonal (oral pill, injection, implants), tubal ligation or partner's vasectomy
16. subjects with known hypersensitivity to any of the component medications

The presence of a Paroxysmal Nocturnal Hemoglobinuria clone is not an exclusion criterion.

• Besançon, France
• Bordeaux, France
• Lille, France
• Lyon, France
• Paris, France
• Rennes, France
• Toulouse, France
• Bergamo, Italy
• Genova, Italy
• Genova, Italy
• Milan, Italy
• Naples, Italy
• Rome, Italy
• Turin, Italy
• Amsterdam, Netherlands
• Groningen, Netherlands
• Leiden, Netherlands
• Utrecht, Netherlands
• Badalona, Spain
• Barcelona, Spain
• Donostia / San Sebastian, Spain
• Valencia, Spain
• Basel, Switzerland
• Bern, Switzerland
• Zurich, Switzerland
• Leeds, United Kingdom
• London, United Kingdom
• London, United Kingdom
• Nottingham, United Kingdom