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Evotec raises € 30 m from Biotechnology Value Fund

Published: Monday, September 02, 2013
Last Updated: Monday, September 02, 2013
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Biotechnology Value Fund, L.P. and other affiliates of US investment firm BVF partners L.P. (“BVF”) invest € 30 M in new Evotec shares.

Evotec AG announced a 9.9% increase of its share capital. Evotec resolved on a capital increase from its authorised capital against cash contribution by issuing 11,818,613 new shares to the Biotechnology Value Fund, L.P. and other affiliates of the US biotech specialist investment firm BVF Partners L.P. Shareholders’ subscription rights will be excluded.
 
In a direct placement capital increase, which was arranged between the Company and BVF, BVF will invest € 30 m to subscribe for 11,818,613 new shares of Evotec at a share price of € 2.55 per share. This involves a discount of approximately 3% to the closing auction price of the share on 27 August 2013, one day prior to the day of the Management Board resolution. With the registration of the capital increase in the commercial register, the registered share capital of the Company will increase to € 130,365,452.
 
In a simultaneous transaction, BVF also purchased an option from TVM granting BVF the right to acquire an additional 11,818,612 shares of Evotec at € 4.00 per share within the next 30 months. Should this option be exercised in full, BVF will have a total shareholding in Evotec of over 18%.
 
Dr Werner Lanthaler, Chief Executive Officer of Evotec, commented: “We want to welcome BVF at Evotec. This additional capital further strengthens our flexibility for us to invest in and expand our best-in-class EVT Execute Pharma outsourcing service strategy and our EVT Innovate strategy to build significantly more Cure X and Target X initiatives together with top academic partners and biotech firms. In addition, I would like to thank TVM and also ROI Verwaltungsgesellschaft mbH (“ROI”), who made the option agreement possible. With the support from ROI, TVM will be able to sell the additional options to BVF.”
 
Matthew Perry, Portfolio Manager of Biotechnology Value Fund, said: “It is a privilege to become a major strategic shareholder of Evotec. The Company has built an outstanding business model that can sustainably generate novel, high-value drug candidates. This is a highly capital-efficient drug discovery engine that we are excited to support into the future.”
 
Dr Hubert Birner, Managing Partner of TVM, added: “BVF, a very reputable US investor, took an enthusiastic position on the future of Evotec and was determined to secure an even stronger position in the Company than could have been acquired directly via the public markets. TVM and ROI together were happy to provide such opportunity for BVF through an option agreement and we highly welcome BVF as a specialised biotechnology investor and co-shareholder in Evotec.”


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