Ad hoc:Evotec AG:Ad hoc:Ad hoc: Evotec Strengthens Discovery Alliance Business through Acquisition of DeveloGen
Evotec AG / / Ad hoc:Ad hoc: Evotec Strengthens Discovery Alliance Business through Acquisition of DeveloGen processed and transmitted by Hugin AS. The issuer is solely responsible for the content of this announcement.
Hamburg, Germany - Evotec AG (Frankfurt Stock Exchange, Prime Standard, ISIN: DE
000 566480 9, WKN 566480) today announced the signing of a definitive agreement
to acquire DeveloGen, a biopharmaceutical company engaged in the discovery of
novel therapeutic approaches for the treatment of metabolic and endocrine
disorders.
The transaction catalyses Evotec's strategy to become the world leading drug
discovery partner for pharma and biotechnology companies. It adds two
complementary alliances - one with Boehringer Ingelheim and one with Andromeda
(Teva) - to Evotec's portfolio of core assets, a high-end drug discovery
platform and expertise as well as highly innovative disease biology know-how in
metabolic diseases.
The purchase price consists of up to ? 14m in Evotec shares from authorised
capital and an earn-out component in cash. Of the ? 14m in shares 4m shares
(valued at ? 2 each) are issued at closing which is expected in August 2010. Up
to 3m shares are held in escrow and are conditional on certain company events
and representations. All shares issued are subject to a six months lock-up. In
addition, DeveloGen shareholders are eligible for success-based cash payments
(earn-out) based on future revenues generated from the acquired programmes.
Despite approximately ? 2m cash required for certain obligations especially
working capital needs at DeveloGen Evotec confirms all prior financial
objectives. For the current fiscal year, the Company expects to grow revenues by
more than 15%, to spend approximately ? 10 m in R&D and to end the year 2010
with a liquidity of more than ? 64 m.
Evotec appoints Cord Dohrmann, Ph.D., as Chief Scientific Officer and member of
the Management Board starting September 1(st) 2010. Cord Dohrmann currently is
the CEO of DeveloGen.
Contact: Dr Werner Lanthaler, Chief Executive Officer, Evotec AG,
Schnackenburgallee 114, 22525 Hamburg, Germany, Phone: +49.(0)40.560 81-242,
werner.lanthaler@evotec.com
[HUG#1431641]
--- End of Message ---
Evotec AG
Schnackenburgallee 114 Hamburg Germany
WKN: 566480;ISIN: DE0005664809;
Listed: Freiverkehr in Börse Stuttgart,
Freiverkehr in Hanseatische Wertpapierbörse zu Hamburg,
Freiverkehr in Börse Berlin,
Freiverkehr in Börse Düsseldorf,
Freiverkehr in Bayerische Börse München,
Freiverkehr in Niedersächsische Börse zu Hannover,
Prime Standard in Frankfurter Wertpapierbörse,
Regulierter Markt in Frankfurter Wertpapierbörse;
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Evotec AG via Thomson Reuters ONE
