TVM Capital Portfolio Company, Evotec AG, Named M&A Advisor Global Healthcare Turnaround Company of the Year
News Mar 23, 2010
Evotec AG has been named the M&A Advisor Healthcare Turnaround Company of the Year for the development and implementation of the ‘Evotec 2012 - Action Plan to Focus and Grow’. Elements of this Plan include:
o A reduction of R&D expenses by ca. 50% and SG&A expenses by ca. 15% compared to the same period of the prior year, leading to a significant improvement of the operating result
o Eight signed or renewed collaborations or research agreements since the announcement of the restructuring
o Two completed acquisitions to further enhance company research capabilities
o Despite significant restructuring, an increase in Evotec headcount by approximately 300 people to 500, and
o An increase in shareholder value represented by a company market capitalisation from €60 million in March 2009 to ca. €240 million in December 2009.
As a major shareholder, TVM Capital nominated Evotec and Dr Lanthaler for the award and is pleased with the positive outcome given the strong nominee finalists group.
“Werner refocused Evotec to be a revenue generating business, reduced the cash burn significantly and substantially improved the company’s market capitalisation,” said Helmut M. Schühsler, Managing Partner of TVM Capital. “We have had the opportunity to work with him before when Werner served as CFO of TVM Capital Portfolio Company Intercell where he also played a major role in making the company a significant success for its venture investors.”
This year, the finalist nominee pool for all M&A Advisor Turnaround Awards was nearly 100, highlighting the best of the distressed investing, restructuring and turnaround marketplace.
Drug Discovery Alliance Formed to Help Increase Drug Development Success RateNews
Two prominent preclinical safety companies have launched a unique European alliance to address the high safety-related failure rate in drug development.READ MORE
First Ever Online Event Focused on Cannabis ScienceNews
Analytical Cannabis is pleased to announce that the final line-up of speakers for the first ever cannabis science online event, The Science of Cannabis 2017 has been confirmed.READ MORE