Evotec Completes Acquisition of Controlling Majority Stake in RSIPL
News Sep 01, 2009
Evotec AG has announced that the acquisition of the controlling majority stake of Research Support International Private Limited (RSIPL) has been successfully completed and that RSIPL is a 70%, majority owned subsidiary of Evotec as of August 31, 2009.
The purchase price for the 70% controlling majority stake payable, before adjustments, to DIL Limited, India, is EUR 2.8 million in cash, a portion of which includes a potential earn-out. Evotec has a call option to purchase the remaining 30% from DIL in the future in the event of a change of control.
Following the transaction, RSIPL will be integrated, into the value chain of Evotec's operations in Hamburg (Germany), Abingdon (UK) and Singapore. The members of the Management Board of Evotec AG, Dr Werner Lanthaler, Dr Mario Polywka and Dr Klaus Maleck, have been appointed as members of the Board of Directors of Evotec India together with two representatives from DIL.
This transaction represents an important capacity expansion for Evotec. It adds a complementary drug discovery operation and capability in the field of science-driven chemistry work in India to Evotec's discovery platform and increases its ability to deliver high quality, know-how driven drug discovery and development services to its partners on a global scale.