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Evotec to Re-engineer Drug Discovery and Development Operations

Evotec to Re-engineer Drug Discovery and Development Operations

Evotec to Re-engineer Drug Discovery and Development Operations

Evotec to Re-engineer Drug Discovery and Development Operations

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Evotec AG announced that in the context of its Evotec 2012 – Action Plan to Focus and Grow, the Company is re-engineering its drug discovery and development operations to improve efficiency and realize further cost saving potential.

The continuing strength of a successful Discovery Alliance Business gives Evotec the unique opportunity to more efficiently leverage its research and development infrastructure. As a consequence, all Evotec proprietary programs will be managed through its European operations. This will lead to a minimum of EUR 10 million annual cost savings from 2010 onwards.

As a consequence, approximately 45 people will leave the Company, which will bring its workforce to a total of below 330, and the US operations of the Company’s subsidiary Renovis, Inc. in South San Francisco, California, will be wound down with immediate effect.

Dr Werner Lanthaler, Chief Executive Officer of Evotec AG, said: “In the context of our Evotec 2012 Action Plan to Focus and Grow we have identified strong synergistic potential in the concentration of our operations into one seamless process and operation. Through this re-engineering we will be able to most efficiently advance our proprietary core projects and deliver world-class drug discovery and development support to our partners. It also realizes significant cost savings necessary for optimal shareholder value creation. Unfortunately, however, it also means that we have to close down our operations in the United States. I would like to express my sincere appreciation to all affected employees for their important contributions to Evotec.”  

Evotec has started to implement the Evotec 2012 Action Plan to Focus and Grow in March 2009. The plan’s objective is to ensure that the Company can extend its cash reach comfortably beyond 2012, further grow its strong Discovery Alliance Business, reach important milestones within its development programs, and advance and enhance its pipeline to demonstrate meaningful value over this period.

The core elements of this plan include actions to strengthen the Discovery Alliance Business, refocus the pipeline on the most valuable assets, build strategic alliances on more available projects and significantly reduce the operating expenses and strategic risks.