Evotec Completes Divesture of Chemical Development
Hamburg, Germany | Oxford, UK - Evotec AG (Frankfurt Stock Exchange:
EVT) today announced that it has completed the sale of its Chemical
Development Business to Aptuit, Inc. for a total consideration of £
31.5 million (approx. EUR 44 million) effective November 30, 2007.
This divestiture allows Evotec to focus even more on its strategy to
become an emerging pharmaceutical company providing high-value
research results to its partners through discovery collaborations and
partnering of preclinical and clinical programs developed internally.
Following this divestiture, the proposed acquisition of Renovis, with
an expected closing early next year, will be an important next step
in building a leading CNS company.
Dr Mario Polywka, Chief Operating Officer of Evotec AG, commented:
"Evotec has decided to focus on core competencies that are important
for high-value proprietary research and collaborations and to divest
businesses that are not core to this strategy. We have successfully
executed on this plan during the recent months and our increased cash
resources put us in a very strong position to leverage our clinical
assets. We are pleased to hand-over to Aptuit a well established
business and thank all the transferring employees for their hard work
over the years."
Contact: Anne Hennecke, Senior Vice President, Investor Relations &
Corporate Communications, Evotec AG, Phone: +49.(0)40.56081-286,
anne.hennecke@evotec.com
Forward looking statements
Information set forth in this report contains forward-looking
statements, which involve a number of risks and uncertainties. Such
forward-looking statements include, but are not limited to,
statements about the anticipated benefits of Evotec's products, the
timing of the completion of the transaction between Evotec and
Renovis, the anticipated benefits of the business combination
transaction involving Evotec and Renovis, including future financial
and operating results, the combined company's plans, objectives,
expectations and intentions, the anticipated timing and results of
the combined company's clinical and pre-clinical programs, and other
statements that are not historical facts. Evotec cautions readers
that any forward-looking information is not a guarantee of future
performance and that actual results could differ materially from
those contained in the forward-looking information. These include
risks and uncertainties relating to: the ability to obtain regulatory
approvals of the transaction on the proposed terms and schedule; the
parties' ability to complete the transaction because conditions to
the closing of the transaction may not be satisfied; the failure to
successfully integrate the businesses; unexpected costs or
liabilities resulting from the transaction; the risk that synergies
from the transaction may not be fully realized or may take longer to
realize than expected; disruption from the transaction making it more
difficult to maintain relationships with customers, employees or
suppliers; competition and its effect on pricing, spending,
third-party relationships and revenues; the need to develop new
products and adapt to significant technological change;
implementation of strategies for improving internal growth; use and
protection of intellectual property; general worldwide economic
conditions and related uncertainties; future legislative, regulatory,
or tax changes as well as other economic, business and/or competitive
factors; and the effect of exchange rate fluctuations on
international operations.
The risks included above are not exhaustive. The most recent reports
on Form 10-K, Form 10-Q, Form 8-K and other periodic reports filed by
Renovis with the Securities and Exchange Commission contain
additional factors that could impact the combined company's
businesses and financial performance. The parties expressly disclaim
any obligation or undertaking to release publicly any updates or
revisions to any such statements to reflect any change in the
parties' expectations or any change in events, conditions or
circumstances on which any such statement is based.
Additional information
Renovis has filed a Current Report on Form 8-K that includes as an
exhibit the Agreement and Plan of Merger between Evotec and Renovis.
Evotec intends to file a Registration Statement on Form F-4 with the
Securities and Exchange Commission in connection with the proposed
merger. Evotec and Renovis expect to mail a joint proxy
statement/prospectus, which will form part of the Registration
Statement on Form F-4, to shareholders of Renovis in connection with
the proposed merger. This document will contain important information
about the merger and should be read before any decision is made with
respect to the merger. Investors and stockholders will be able to
obtain free copies of this document and any other documents filed or
furnished by Evotec or Renovis through the website maintained by the
Securities and Exchange Commission at www.sec.gov. Free copies of
these documents may also be obtained from Evotec, by directing a
request to Evotec's Investor Relations department at
Schnackenburgallee 114, 22525 Hamburg, Germany, or from Renovis, by
directing a request to Renovis' Investor Relations department at Two
Corporate Drive, South San Francisco, California 94080.
In addition to the documents referenced above, Renovis files or
furnishes annual, quarterly and current reports, proxy statements and
other information with the Securities and Exchange Commission. You
may read and copy any reports, statements or other information filed
or furnished by Renovis at the SEC's Public Reference Room at Station
Place, 100 F Street, N.E., Washington, D.C. 20549. You can request
copies of these documents by writing to the SEC and paying a fee for
the copying cost. Please call the SEC at 1-800-SEC-0330 for more
information about the operation of the Public Reference Room.
Renovis's SEC filings are also available to the public at the SEC's
web site at www.sec.gov, or at their web site at www.renovis.com.
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Evotec AG
Schnackenburgallee 114 Hamburg Germany
WKN: 566480; ISIN:
DE0005664809 ; Index: Prime All Share, CDAX, HDAX, MIDCAP, TECH All
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