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ProPharma Integrated into Evotec Services Division
Evotec AG has announced that ProPharma Limited will do business under the Evotec brand from the 1st of September 2005.
ProPharma will be integrated into the Evotec Services Division over the coming months.
Evotec has been the majority shareholder in ProPharma since it was formed as a spin-out enterprise from the University of Strathclyde in Glasgow, Scotland, in 2000.
Evotec invested start-up capital and have continued to provide investment since then to support the expansion of the business.
The strategic integration of ProPharma comes as a result of the growing synergy between the pharmaceutical development services offered by both Evotec and ProPharma.
This will combine Evotec's expertise in cGMP manufacture of active pharmaceutical ingredients with Pro- Pharma's expertise in pharmaceutical formulation development and the small-scale sterile manufacture of pharmaceuticals for use in clinical trials.
Evotec will therefore offer a comprehensive range of services to its pharmaceutical and biotechnology company clients in order to drive their candidate pharmaceuticals along the drug development pathway.
Dr Mark Ashton, Executive Vice President Business Development Services at Evotec, commented, "We are delighted that we have now integrated the ProPharma capabilities into the Evotec brand.”
“We continue to see an upturn in the market for pharmaceutical development and strongly believe that we can significantly help our clients bring new medicines to the marketplace quicker and more efficiently using our formulation and chemical development capabilities."
Colin MacKay, Head of Business Development at ProPharma, commented, "This change represents an exciting new chapter in the rapid and commercially successful growth of ProPharma, now as a fully integrated part of our parent company Evotec.”
“We look forward to building on our collective strengths within Evotec in order to deliver on our promises to customers and shareholders.”
“We remain committed to building long-term relationships quickly and thereby add value to those pharmaceutical assets."
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