Evotec AG:Ad hoc:Evotec acquires compound management business from Galapagos
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Evotec AG /
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Ad hoc:Evotec acquires compound management business from Galapagos
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Hamburg, Germany - Evotec AG (Frankfurt Stock Exchange, TecDAX, ISIN: DE
000 566480 9) and Galapagos NV (Euronext: GLPG) today announced that Evotec has
acquired Compound Focus, Inc., the compound management business of BioFocus, a
Galapagos Company.
Evotec acquires all shares in Compound Focus Inc. Evotec will pay Galapagos an
immediate cash upfront of ?10.25 m and an additional ?2.25 m in potential earn
out payments upon performance of the business in 2012/2013 depending on revenues
and certain corporate milestones.
This acquisition allows Evotec to augment its early drug discovery offering
substantially, provides critical mass to its existing compound management
offering, and adds profitable revenues. Compound Focus, Inc. is based in South
San Francisco, US and will be fully integrated into Evotec's operations.
Given this acquisition Evotec changes its revenue guidance for 2011 from ?64-66
m to ?68 -70 m. With more than ?55 m liquidity by the end of 2011, despite the
recently closed acquisition of Compound Focus, the strategic cash position of
Evotec remains very strong.
Contact: Dr Werner Lanthaler, Chief Executive Officer, Evotec AG,
Schnackenburgallee 114, 22525 Hamburg, Germany, Phone: +49.(0)40.560 81-242,
werner.lanthaler(at)evotec.com
--- End of Message ---
Evotec AG
Schnackenburgallee 114 Hamburg Germany
WKN: 566480;ISIN: DE0005664809;
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Source: Evotec AG via Thomson Reuters ONE
[HUG#1520523]
Unternehmensinformation / Kurzprofil:
Datum: 01.06.2011 - 08:21 Uhr
Sprache: Deutsch
News-ID 55201
Anzahl Zeichen: 2737
contact information:
Town:
Hamburg
Kategorie:
Business News
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