Adds capabilities in the area of infectious diseases
Evotec of Germany is to purchase Euprotec, a UK-based specialist contract research organisation for Â£1.9m in cash. The transaction will enable the company to establish an anti-infective drug platform.
Evotec says Manchester-based Euprotec is a recognised leader in anti-infective drug discovery services. It has a portfolio of assays and disease models and supports each stage of anti-infective drug discovery and development programmes from discovery through to late stage pre-clinical investigation and clinical proof-of-concept studies.
The addition of Euprotecâ€™s capabilities adds to and complements Evotecâ€™s high-end drug discovery platform with anti-infective screening; early PKPD (pharmacokinetic/pharmacodynamic) profiling; an extensive range of disease and efficacy models for characterisation of anti-bacterials, anti-fungals and anti-virals; StrainBank, a unique collection of clinical isolates; and core disease biology expertise in infection.
'Through the acquisition of Euprotecâ€™s capabilities and its disease biology know-how in infection, Evotec expands its technological portfolio to offer a complete infrastructure and discovery solutions in the field of infectious diseases,' said Werner Lanthaler, Chief Executive of Evotec.
We acquire highly innovative approaches to open new therapeutic routes in the major market of infectious diseases
'Importantly, we acquire highly innovative approaches, within our core competence along the discovery value chain, to open new therapeutic routes in the major market of infectious diseases. Currently, Evotec has two innovative programmes, TargetPicV and TargetPGB, to develop drugs to treat infectious diseases and with this acquisition we can expand this portfolio.'
Lloyd Payne, CEO and co-founder of Euprotec, added: 'We are thrilled to be joining forces with Evotec and combining its leading-edge drug discovery platform with Euprotecâ€™s comprehensive infectious disease biology capabilities and expertise. Our vision of delivering integrated, world-class anti-infective discovery solutions to our clients will now be realised.'
The deal also includes a deferred payment component of Â£1.25m in cash, which will be paid two years after completion and depends upon the business performance and the achievement of certain revenue targets.
The deal is expected to close in the first half of this year.