Evotec AG Acquires Remaining 30% of Indian Joint Venture From DIL
The acquisition of DIL's 30% outstanding equity in the joint venture will give Evotec 100% ownership of this subsidiary. Evotec acquired 70% of the equity of Research Support International Private Limited (RSIPL), in August 2009 which was subsequently renamed Evotec (India) Private Limited. The transaction is anticipated to close on 4th October.
With its now 100% owned Indian subsidiary Evotec has successfully expanded its global scientific resource to offer the most complete and cost efficient drug discovery solutions to the pharmaceutical and biotech industry. Operating out of Thane, Mumbai, Evotec India has 140 scientists, focusing primarily on Medicinal Chemistry. Going forward the intention is to further grow and expand this capacity.
Colin Bond, Chief Financial Officer of Evotec stated: "With the purchase of the remaining 30% of our successful Indian Joint Venture, Evotec is now able to operate and accelerate this business with full control. This transaction will allow financial optimization and a significant reduction in administration. The deal also gives Evotec complete freedom to expand its activity in India in future without any restrictions. The access to a global best quality talent pool is the strategic reason for Evotec to establish operations in India. We would like to thank our friends at DIL for supporting us over the last two years and wish them well as they pursue new business avenues".
Despite the fact that Evotec pays in cash, the company keeps it cash guidance of more than EURO60 Mio by year end.
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 Boehringer Ingelheim, CHDI, Genentech, Medimmune/Astra Zeneca, Ono Pharmaceutical. In addition, the Company has existing development partnerships and product candidates both in clinical and preclinical development. These include partnerships with Boehringer Ingelheim, MedImmune and with Andromeda (Teva) in the field of diabetes. For additional information please go to www.evotec.com.
ABOUT DIL
Founded in 1951, DIL has built successful partnerships with global players in the Life Sciences Industry. Apart from Evotec India, DIL's ventures in the Pharmaceutical Industry include commercial scale manufacturing and marketing of bulk drugs, intermediates, formulations & enzymes. DIL also engages in proprietary Research & Development of its own molecules, formulation, enzyme and enzyme application through its subsidiaries.
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:
Dr Werner LanthalerChief Executive Officer+49.(0)40.560 81-242+49.(0)40.560 81-333 Faxwerner.lanthaler@evotec.comEvotec AGSchnackenburgallee 11422525 Hamburg (Germany)