Evotec focuses on drug discovery with sale of technologies division to PE
Technologies, to PerkinElmer to allow it to focus more keenly on
its drug discovery pipeline and drug discovery services divisions.
Evotec AG saw a 10% increase in revenue to €80m in 2005 to, with over 75 per cent of their revenue coming from the services division which supplies over 120 customers including many of the world's leading pharmaceutical companies. Evotec Technologies, a majority-owned subsidiary of Evotec AG had revenues of €17m in 2005.
Joern Aldag, CEO of Evotec AG said: "This transaction is another milestone in our strategy to focus Evotec on its drug discovery and development business. The cash proceeds will provide us with additional flexibility to progress and expand our Central Nervous System pipeline."
Their central nervous system pipeline is making good progress with their GABA modulator for insomnia progressing through phase two clinical trials. They also have an NMDA antagonist for Alzheimer's and neuropathic pain and a highly potent antagonist for postoperative pain in preclinical trials.
The refocusing of the company started in July 2006 with the sale of of Evotec's single molecule detection technology portfolio to Olympus for around €7m. The current deal, worth approximately €23m will allow Evotec Technologies "to exploit our potential as part of a larger entity with a significantly broader sales force, portfolio strategy and R&D resources" said Prof Carsten Claussen, CEO of Evotec Technologies
