Evotec AG is to sell its technologies business in a cash deal valued at 23 million euros to the USA's PerkinElmer. Subject to regulatory approvals, the deal should be completed in the first quarter of 2007.
Joern Aldag, Evotec’s chief executive, said that the transaction “is another milestone in our strategy to focus Evotec on its drug discovery and development business. He noted that, together with the sale of certain technology assets to Olympus earlier in the year, the combined divestments value Evotec Technologies at approximately 30 million euros and these funds “will provide us with additional flexibility to progress and expand our central nervous system pipeline.”
Evotec, which had sales last year of 80 million euros and also has operations near Oxford and Glasgow, UK, as well as in Hamburg, Germany, will now be hoping that this latest cash boost will help push it into the black.