120 Evotec AG (EVTG.F) Employees Handed Pink Slips
7/8/2013 9:33:02 AM
Evotec conducts layoffs but others are hiring! Check it out! (Isn’t it tempting?)
Evotec to Realign Discovery Chemistry Operations
HAMBURG, Germany, July 8, 2013 (GLOBE NEWSWIRE) -- Evotec AG (EVT.F) (TecDAX) (ISIN:DE0005664809) today announced that it will close its Chemistry Operations in Thane, India. All chemistry efforts will now be performed at its Abingdon (UK) facility, answering to an increasing requirement to operate closer to the principal R&D laboratories of our major customers. All project work in Thane will be finished at the end of September and Evotec (India) Private Ltd will be wound down from then.
As a consequence 120 people will have to leave the company and Evotec will take a one-time impairment charge of up to EURO 4 m in Q3 2013. At the same time Evotec confirms its revenue, profitability and cash guidance for 2013.
Dr Mario Polywka, Chief Operating Officer of Evotec, commented: "Evotec were due to relocate its Indian chemistry operations in June 2014. During the due diligence in finding a new facility and because of growing customer requirements for European-based activities we came to the conclusion to exit our operations in India completely. Through this realignment we will be able to most efficiently serve our customers, utilise our UK chemistry resources and capabilities and also realise some cost savings. Unfortunately the impact is that we must say goodbye to a first-class work force in Thane that has so ably supported our customers over the last four years. I would like to express our sincere gratitude to these employees and wish them all the best for the future."
About the Evotec (INDIA) Private Limited
Evotec (India) Private Limited is a 100% subsidiary of Evotec AG. Its offering includes custom synthesis, process research and development, scale-up and analytical services.
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.
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.
Head of Corporate Communications
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