Evotec to acquire Renovis
Evotec and Renovis have entered into a definitive agreement under which Evotec will acquire Renovis, a biopharmaceutical company focused on the discovery and development of drugs for major medical needs in the areas of pain and inflammatory diseases, in a stock-for-stock transaction valued at approximately US$151.8m.
Evotec and Renovis have entered into a definitive agreement under which Evotec will acquire Renovis, a biopharmaceutical company focused on the discovery and development of drugs for major medical needs in the areas of pain and inflammatory diseases, in a stock-for-stock transaction valued at approximately US$151.8m.
The merger will create a global pharmaceutical company with three clinical candidates, a late stage preclinical pipeline focusing on areas of neurological and inflammatory diseases, and pro-forma cash of approximately $175m. The merged company will be called Evotec.
"By combining Evotec's drug discovery and development know-how with Renovis" medicinal chemistry and target validation expertise, we expect to form a global biopharmaceutical company with world class discovery capabilities, a strong pipeline in CNS disorders and several significant research partnerships with leading pharmaceutical companies such as Boehringer Ingelheim, Pfizer and Roche," said Joern Aldag, president & ceo of Evotec.