HAMBURG, Germany, April 19, 2011 (GLOBE NEWSWIRE) -- Evotec AG (Frankfurt:EVT) (TecDAX) today announced that it has completed the acquisition of Kinaxo Biotechnologies GmbH, a privately held drug discovery alliance company supporting the development of targeted drugs. As a result of the transaction, first announced on February 9, 2011, Kinaxo has become a wholly-owned subsidiary of Evotec. It is intended to grow and fully integrate the Kinaxo site in Munich, as Evotec Munich.
With the acquisition of Kinaxo, Evotec is expanding its drug discovery platform with cutting-edge technologies. Furthermore, Evotec adds proprietary technologies for drug response prediction as well as drug efficacy and safety assessment, especially in the key indication area oncology. Kinaxo's capabilities comprise a unique combination of innovative technologies improving drug discovery and development across the entire pharma value chain. These skills strengthen Evotec's position as the quality leader in drug discovery. The synergies are expected to result in a much broader customer reach through integration of the former Kinaxo service business into Evotec's performance based drug discovery alliances.
With the completion of the acquisition the sellers of the shares in Kinaxo Biotechnologies GmbH transferred 100% of their shares to Evotec AG. Therewith, all Closing conditions have been successfully fulfilled. Evotec AG issues 2.597.400 shares from its authorized capital as part consideration for the transaction. All Evotec shares issued are subject to certain lock-up provisions. Following the registration of these shares at the trade register, Evotec's issued share capital will be €118.193.132.
About Evotec AG
Evotec is a drug discovery alliance and development partnership company focused on rapidly progressing innovative product approaches with leading pharmaceutical and biotechnology companies. We operate worldwide providing the highest quality stand-alone and integrated drug discovery solutions, covering all activities from target-to-clinic. The Company has established a unique position by assembling top-class scientific experts and integrating state-of-the-art technologies as well as substantial experience and expertise in key therapeutic areas including neuroscience, pain, metabolic diseases as well as oncology and inflammation. Evotec has long-term discovery alliances with partners including Boehringer Ingelheim, CHDI, Genentech, Medimmune/Astra Zeneca, Novartis, Ono Pharmaceutical and Roche. In addition, the Company has existing development partnerships and product candidates both in clinical and preclinical development. These include a strategic alliance with Roche for the development of subtype-selective NMDA receptor antagonists for use in treatment-resistant depression as well as other partnerships with Boehringer Ingelheim, MedImmune and with Andromeda (Teva) in the field of diabetes.
For additional information please go to www.evotec.com.
Forward-Looking Statements — Information set forth in this press release contains forward-looking statements, which involve a number of risks and uncertainties. Such forward-looking statements include, but are not limited to, statements regarding our expectation that our current cash, cash equivalents, investments, and operating revenues will be sufficient to fund our planned activities beyond 2015; our financial outlook for 2011 and 2012, including statements regarding our expected operating results and financing and financial position, our belief that our cash situation should remain strong throughout 2011, and our expected liquidity at the end of 2011; our revised business model providing a sound basis for long-term sustainable growth; the anticipated advantages of our acquisitions and collaborations, including the expected revenue contribution from our acquisition of Kinaxo Biotechnologies GmbH; our expectations regarding the market for drug discovery alliances, including anticipated growth of the pharmaceutical outsourcing drug discovery market and the opportunities such growth will provide us, and our ability to take advantage of such market developments; our goal to reach operating profitability and to generate cash sustainable by 2012; our beliefs regarding the sufficiency of our existing liquidity reserves; our capital-raising plans; the expected timing of the effectiveness of our deregistration with the SEC; our expectations and assumptions concerning regulatory, clinical, and business strategies; and the progress of our clinical development programs and timing of the results of our clinical trials, strategic collaborations, acquisitions, and management's plans, objectives and strategies. These statements are neither promises nor guarantees, but are subject to a variety of risks and uncertainties, many of which are beyond our control, and which could cause actual results to differ materially from those contemplated in these forward-looking statements. In particular, the risks and uncertainties include, among other things: risks that we may be unable to achieve the anticipated benefits of our revised business model or recognise the results of our revised business model within expected timeframes; risks that we will not achieve the anticipated benefits of our collaborations, partnerships and acquisitions in the timeframes expected, or at all; risks that product candidates may fail in the clinic or may not be successfully marketed or manufactured; risks relating to our ability to advance the development of product candidates currently in the pipeline or in clinical trials; our inability to further identify, develop and achieve commercial success for new products and technologies; the risk that competing products may be more successful; our inability to interest potential partners in our technologies and products; our inability to achieve commercial success for our products and technologies; our inability to protect our intellectual property and the cost of enforcing or defending our intellectual property rights; our failure to comply with regulations relating to our products and product candidates, including FDA requirements; the risk that the FDA may interpret the results of our studies differently than we have; the risk that clinical trials may not result in marketable products; the risk that we may be unable to successfully secure regulatory approval of and market our drug candidates; risks of new, changing and competitive technologies and regulations in the U.S. and internationally; general worldwide economic conditions and related uncertainties; future legislative, regulatory, or tax changes as well as other economic, business and/or competitive factors; and the effect of exchange rate fluctuations on our international operations. The list of risks above is not exhaustive. This press release contains additional factors that could impact our businesses and financial performance. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to such statements to reflect any change in our expectations or any change in events, conditions or circumstances on which any such statement is based.
CONTACT: Dr. Werner Lanthaler Chief Executive Officer +49.(0)40.560 81-242 +49.(0)40.560 81-333 Fax email@example.com Evotec AG Schnackenburgallee 114 22525 Hamburg (Germany)