Evotec AG has announced the acquisition of all shares in Euprotec Ltd, a UK-based specialist contract research organisation. Euprotec is a recognised leader in anti-infective drug discovery services and its acquisition will strengthen Evotec’s leading position as a fully integrated drug discovery and early development partner for pharma and biotechnology companies.
Penningtons Manches’ award-winning life science team acted for Evotec AG, a long-standing client of the firm, on the purchase. Corporate partner and life science specialist, Patrick Baddeley, led the team supported by Dominique Sabatini and Kathy Hills.
Dr Werner Lanthaler, Chief Executive Officer of Evotec AG, said: “Through the acquisition of Euprotec’s capabilities and its disease biology know-how in infection, Evotec expands its technological portfolio to offer a complete infrastructure and discovery solutions in the field of infectious diseases. There is a pressing need for new agents to treat key infections due to emerging resistance to current therapies. Currently, Evotec has two innovative programmes, TargetPicV and TargetPGB, to develop drugs to treat infectious diseases and with this acquisition we can expand this portfolio.”
The purchase price consists of a cash consideration of £1.9 m and a deferred payment component of £1.25 m in cash. For the current fiscal year, the company expects high single-digit percentage growth in revenue excluding milestones, upfronts and licences, to spend approximately €10 m to €14 m in R&D and to end the year 2014 with a liquidity of more than €90 m.