- Evotec to concentrate all proprietary core research programs at its European operations
- Leveraging world-class Discovery Alliance Business infrastructure will lead to a minimum of EUR 10 million annual savings
- US operations will be wound down with immediate effect
Hamburg, Germany - Evotec AG (Frankfurt Stock Exchange: EVT; NASDAQ: EVTC) announced today 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."