Evotec AG to Acquire Majority Holding in DeveloGen AG
DeveloGen AG / Evotec AG to Acquire Majority Holding in DeveloGen AG processed and transmitted by Hugin AS. The issuer is solely responsible for the content of this announcement.
Acquisition combines DeveloGen's leading biology driven diabetes and metabolic
disease platform with Evotec's world class small molecule drug discovery
alliance business. The combination will provide industrial scale and depth to
DeveloGen's discovery approaches in diabetes and related metabolic diseases as
well as strengthen and expand Evotec's discovery alliance business in this area.
Göttingen, DeveloGen AG, a company focused on the
14 July 2010. discovery and development of therapies
for the treatment of diabetes and
other metabolic diseases, announced
today that Evotec AG, Hamburg
(Deutsche Börse: EVT, Tec DAX), has
entered into a definitive agreement
with a group of shareholders of
DeveloGen AG to acquire a majority
shareholding in the company. Dr. Cord
Dohrmann, current CEO of DeveloGen AG,
will become CSO of Evotec.
Contact Through the acquisition, Evotec gains
access to DeveloGen's metabolic
Carsten Dehning disease technology, know-how and
Chief Financial Officer expertise including two highly
Marie-Curie-Strasse 7 innovative diabetes projects partnered
37079 Göttingen, Germany Phone: +49 with Boehringer Ingelheim and
551 50558 514 Andromeda Biotech as well as the
dehning@develogen.com company's beta cell regeneration
program. DeveloGen's contract research
service business, which provides a
broad range of in vitro and in vivo
pharmacology services, complements the
acquired assets.
"By gaining access to Evotec's world
class small molecule drug discovery
platform, DeveloGen will significantly
increase its ability to expand on its
drug discovery efforts in the area of
metabolic disease," says Carsten
Dehning, CFO of DeveloGen AG.
"DeveloGen brings to Evotec a highly
complementary technology platform,
know-how and expertise. The company
also comes with existing and potential
future discovery alliances with
renowned pharmaceutical companies in
the area of metabolic disease," adds
Dr. Helmut Schühsler, Managing Partner
of TVM Capital and Chairman of the
Supervisory Board of DeveloGen AG. "We
strongly believe the business
combination is a great fit for both
companies. The long term value of the
combined business will be based on a
comprehensive integrated platform of
biology and chemistry know-how and
capabilities in a selected number of
medical indications."
Under the terms of the agreement,
Evotec will acquire in excess of 99%
of the outstanding shares in DeveloGen
AG. The majority of the consideration
is to be paid in Evotec shares with
the remainder in cash and performance
related deferred payments. Following
the transaction, Evotec intends to
offer a cash compensation for the
acquisition of the remaining shares of
DeveloGen AG.
Cord Dohrmann, current CEO of
DeveloGen AG will become CSO of Evotec
to provide scientific vision and
strategy in line with the group's goal
to aggressively grow its drug
discovery alliances business through
the addition of disease know-how in
key indications and cutting edge drug
discovery technology.
About DeveloGen AG DeveloGen AG is a biopharmaceutical
company engaged in the discovery and
development of novel therapeutics for
the treatment of metabolic and
endocrine diseases. The Company has a
highly innovative and deep preclinical
discovery pipeline addressing the key
drivers in the development of diabetes
and obesity such as insulin resistance
and loss of insulin-producing beta
cells. This pipeline includes programs
for the potential treatment of obesity
through orally available small
molecules based on novel and
proprietary targets as well as growth
factors targeting beta cell
regeneration (type 1 and type 2
diabetes). DeveloGen is based in
Göttingen, Germany. For more
information on DeveloGen, please visit
www.develogen.com.
About Evotec AG Evotec is a leader in the discovery
and development of novel small
molecule drugs with operational sites
in Europe and Asia. The Company has
built substantial drug discovery
expertise and an industrialised
platform that can drive new innovative
small molecule compounds into the
clinic. In addition, Evotec has built
a deep internal knowledge base in the
treatment of diseases related to
neuroscience, pain, oncology and
inflammation. Leveraging these skills
and expertise the Company intends to
develop best-in-class differentiated
therapeutics and deliver superior
science-driven discovery alliances
with pharmaceutical and biotechnology
companies. Evotec has long-term
discovery alliances with partners
including Boehringer Ingelheim, CHDI,
Genentech, Novartis, Ono
Pharmaceutical and Roche. Evotec has
product candidates in clinical
development and a series of
preclinical compounds and development
partnerships, including for example a
strategic alliance with Roche for the
EVT 100 compound family, subtype
selective NMDA receptor antagonists
for use in treatment-resistant
depression. For additional information
please go to www.evotec.com.
[HUG#1431747]
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DeveloGen AG
Marie-Curie-Str. 7 Göttingen Germany
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