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Evotec Completes Divesture of Chemical Development

04 Dec 2007 - Evotec AG 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. According to the company, 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."