Evotec AG (Frankfurt Stock Exchange, Prime Standard, ISIN: DE 000 566480 9, WKN 566480) today 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. Through this re-engineering Evotec will be able to most efficiently advance its proprietary core projects and deliver world-class drug discovery and development support to its partners.
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 alliances 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.
Contact: Anne Hennecke, SVP, Investor Relations & Corporate Communications, Evotec AG, Schnackenburgallee 114, 22525 Hamburg, Germany, Phone: +49.(0)40.560 81-286, firstname.lastname@example.org