Evotec sees slight revenue growth in Q1, confirms expectations for 2014
The slight revenue increase comes as the company announced Janssen Pharmaceuticals will phase out its partnership with Evotec focusing on beta cell regeneration. Evotec’s partnership with Harvard University
Janssen Pharmaceuticals will phase out one partnership with focus on beta cell regeneration in 2014. CureBeta, the alliance between Harvard and Evotec, will remain. Evotec and Harvard will continue to invest into this alliance.
Revenues for the first three months of 2014 would have amounted to a 5% increase compared to the same period of the previous year but the Euro was weaker versus the US dollar in the latest quarter. Growth was driven by an increase in revenues within the company's existing drug discovery alliances and new collaborations.
Most recently Evotec announced a strategic relationship with REACH Separations, which will provide additional purification and analytical services to support Evotec’s pharma and biopharma clients worldwide. REACH Separations will be responsible for providing expertise in small molecule chromatography. The companies are expanding upon their first partnership dating back to 2012.
In Q1 of 2014, Evotec also achieved a minor milestone on the decision by Roche to use a response prediction marker in an extended Phase I oncology trial. This is the first milestone achieved under the collaboration signed in 2011.
In March, Evotec entered a three-year research alliance with Panion, a subsidiary of UK-based Convergence Pharmaceuticals Holdings, which focuses on the development of novel analgesics to treat chronic pain. Panion Ltd was awarded a £2.4m Technology Strategy Board Biomedical Catalyst Early Stage Round 2 grant to discover and develop compounds against a novel pain target.
M&A
In addition to the recent partnerships announced, Evotec has entered into an agreement to acquire the German-based company Bionamics GmbH, an asset management company that focuses on the translation of academic innovations into attractive assets for the biotech and pharma industries.
