Evotec to Acquire Neuro3d
News Mar 30, 2007
Evotec AG has announced the acquisition of all shares of Neuro3d S.A., Mulhouse, France, with all assets contained therein.
Evotec acquires proprietary assays and know-how about a target that has potential for the treatment of a number of diseases of the central nervous system (CNS), a related focused compound library as well as up to €22m of net cash.
Of this amount, approximately €18m of cash are included in Neuro3d’s balance sheet already, and the remainder is expected to be received by the beginning of 2009. The acquisition will be effected through a share-for-share transaction in which Evotec will issue approximately 6.0 million new ordinary shares. The Mulhouse site will not be maintained.
Neuro3d will be consolidated in Evotec's group financial statements as of 01 April 2007. The net cash proceeds from this transaction will be used to advance the acquired CNS project and to expand Evotec’s preclinical discovery efforts with the goal to further strengthen its proprietary CNS pipeline.