GermanyGermany

Evotec AG to bag DeveloGen AG

16.07.2010

Hamburg/Göttingen - Hamburg-based drug screening specialist Evotec AG has entered into a definitive agreement with a group of shareholders from diabetes and obesity drug-developer DeveloGen AG to acquire a majority shareholding in the company. With this acquisition, Evotec will gain access to DeveloGen's metabolic disease technology, know-how and expertise, including two highly innovative diabetes projects partnered with Boehringer Ingelheim and Andromeda Biotech, as well as the company's beta cell regeneration program. DeveloGen's contract research service business, which provides a broad range of in vitro and in vivo pharmacology services, complements the acquired assets. By gaining access to Evotec's world-class small molecule drug discovery platform, DeveloGen will significantly increase its ability to expand on its drug discovery efforts in the area of metabolic disease. Under the terms of the agreement, Evotec will acquire in excess of 99% of outstanding DeveloGen AG shares. The majority of the consideration is to be paid in Evotec shares, with the remainder in cash and performance-related deferred payments. Following the transaction, Evotec intends to offer cash compensation for the acquisition of the remaining DeveloGen AG shares. Cord Dohrmann, current DeveloGen AG CEO, will become Evotec CSO.

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