DGAP-News: Evotec raises EUR 30 m from Biotechnology Value Fund
(firmenpresse) - DGAP-News: Evotec AG / Key word(s): Capital Increase
Evotec raises EUR 30 m from Biotechnology Value Fund
31.08.2013 / 00:34
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*BIOTECHNOLOGY VALUE FUND, L.P. AND OTHER AFFILIATES OF US INVESTMENT FIRM
BVF PARTNERS L.P. ('BVF') INVEST EUR 30 M IN NEW EVOTEC SHARES
*IN A SIMULTANEOUS TRANSACTION, BVF AQUIRES OPTION TO BUY STAKE FROM VC
FIRM TVM CAPITAL ('TVM')
*ACCELERATION OF CAPITAL-EFFICIENT DRUG DISCOVERY STRATEGY
Hamburg, Germany - 31 August 2013: Evotec AG (Frankfurt Stock Exchange:
EVT, TecDAX, ISIN: DE0005664809) today announced a 9.9% increase of its
share capital. Evotec resolved on a capital increase from its authorised
capital against cash contribution by issuing 11,818,613 new shares to the
Biotechnology Value Fund, L.P. and other affiliates of the US biotech
specialist investment firm BVF Partners L.P. Shareholders' subscription
rights will be excluded.
In a direct placement capital increase, which was arranged between the
Company and BVF, BVF will invest EUR 30 m to subscribe for 11,818,613 new
shares of Evotec at a share price of EUR 2.55 per share. This involves a
discount of approximately 3% to the closing auction price of the share on
27 August 2013, one day prior to the day of the Management Board
resolution. With the registration of the capital increase in the commercial
register, the registered share capital of the Company will increase to EUR
130,365,452.
In a simultaneous transaction, BVF also purchased an option from TVM
granting BVF the right to acquire an additional 11,818,612 shares of Evotec
at EUR 4.00 per share within the next 30 months. Should this option be
exercised in full, BVF will have a total shareholding in Evotec of over
18%.
Dr Werner Lanthaler, Chief Executive Officer of Evotec, commented: 'We want
to welcome BVF at Evotec. This additional capital further strengthens our
flexibility for us to invest in and expand our best-in-class EVT Execute
Pharma outsourcing service strategy and our EVT Innovate strategy to build
significantly more Cure X and Target X initiatives together with top
academic partners and biotech firms. In addition, I would like to thank TVM
and also ROI Verwaltungsgesellschaft mbH ('ROI'), who made the option
agreement possible. With the support from ROI, TVM will be able to sell the
additional options to BVF.'
Matthew Perry, Portfolio Manager of Biotechnology Value Fund, said: 'It is
a privilege to become a major strategic shareholder of Evotec. The Company
has built an outstanding business model that can sustainably generate
novel, high-value drug candidates. This is a highly capital-efficient drug
discovery engine that we are excited to support into the future.'
Dr Hubert Birner, Managing Partner of TVM, added: 'BVF, a very reputable US
investor, took an enthusiastic position on the future of Evotec and was
determined to secure an even stronger position in the Company than could
have been acquired directly via the public markets. TVM and ROI together
were happy to provide such opportunity for BVF through an option agreement
and we highly welcome BVF as a specialised biotechnology investor and
co-shareholder in Evotec.'
Revenue guidance of the Company remains unchanged. Given the capital
inflow, Evotec increases its cash guidance to>EUR 90 m by the end of 2013.
ABOUT EVOTEC AG
Evotec is a drug discovery alliance and development partnership company
focused on rapidly progressing innovative product approaches with leading
pharmaceutical and biotechnology companies. We operate worldwide providing
the highest quality stand-alone and integrated drug discovery solutions,
covering all activities from target-to-clinic. The Company has established
a unique position by assembling top-class scientific experts and
integrating state-of-the-art technologies as well as substantial experience
and expertise in key therapeutic areas including neuroscience, pain,
metabolic diseases as well as oncology and inflammation. Evotec has
long-term discovery alliances with partners including Bayer, Boehringer
Ingelheim, CHDI, Genentech, Janssen Pharmaceuticals, MedImmune/AstraZeneca
and Ono Pharmaceutical. In addition, the Company has existing development
partnerships and product candidates both in clinical and pre-clinical
development. These include partnerships with Boehringer Ingelheim,
MedImmune and Andromeda (Teva) in the field of diabetes, with Janssen
Pharmaceuticals in the field of depression and with Roche in the field of
Alzheimer's disease. For additional information please go to
www.evotec.com.
ABOUT TVM CAPITAL
TVM Capital is providing venture capital to the international
pharmaceutical, biopharmaceutical and medical technology industries with
more than 25 years of transatlantic investment track record and in excess
of $ 1.1 bn under management. TVM Capital currently invests from its 7th
fund generation, TVM Life Science Ventures VII, with an integrated team of
investment professionals is based in Montreal and Munich.
FORWARD LOOKING STATEMENTS - Information set forth in this press release
contains forward-looking statements, which involve a number of risks and
uncertainties. The forward-looking statements contained herein represent
the judgement of Evotec as of the date of this report. Such forward-looking
statements are neither promises nor guarantees, but are subject to a
variety of risks and uncertainties, many of which are beyond our control,
and which could cause actual results to differ materially from those
contemplated in these forward-looking statements. We expressly disclaim any
obligation or undertaking to release publicly any updates or revisions to
any such statements to reflect any change in our expectations or any change
in events, conditions or circumstances on which any such statement is
based.
Contact Evotec AG:
Gabriele Hansen, Head of Corporate Communications, Phone:
+49.(0)40.56081-255, gabriele.hansen(at)evotec.com
End of Corporate News
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31.08.2013 Dissemination of a Corporate News, transmitted by DGAP - a
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Language: English
Company: Evotec AG
Manfred Eigen Campus / Essener Bogen 7
22419 Hamburg
Germany
Phone: +49 (0)40 560 81-0
Fax: +49 (0)40 560 81-222
E-mail: info(at)evotec.com
Internet: www.evotec.com
ISIN: DE0005664809
WKN: 566480
Indices: TecDAX
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Düsseldorf, Hamburg, Hannover,
München, Stuttgart
End of News DGAP News-Service
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228558 31.08.2013
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Datum: 31.08.2013 - 00:34 Uhr
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