Hamburg, Germany - Evotec AG (Frankfurt Stock Exchange, Prime Standard, ISIN: DE 000 566480 9, WKN 566480) today announced the signing of a definitive agreement to acquire all shares in Kinaxo Biotechnologies GmbH, a Munich-based drug discovery alliance company supporting the development of targeted drugs.
 
The acquisition of Kinaxo confirms Evotec's leading position as fully integrated drug discovery and early development partner for pharma and biotechnology companies.
 
The purchase price consists of a cash consideration of € 3m and 2.597.400 shares from authorised capital. In addition an earn-out component of up to  € 4m in cash will become due if certain performance-based milestones are reached. Parts of the shares are held in escrow and their release is subject to certain company events and representations. All shares issued are subject to certain lock-up provisions. The deal is expected to close in April 2011.
 
Despite cash requirements for transaction and integration costs of approx. € 4m resulting from the acquisition, Evotec confirms to keep a very strong strategic cash balance also in 2011.
 
Contact: Dr Werner Lanthaler, Chief Executive Officer, Evotec AG, Schnackenburgallee 114, 22525 Hamburg, Germany, Phone: +49.(0)40.560 81-242, werner.lanthaler@evotec.com