FRANKFURT (Thomson Financial) - Germany's Evotec AG said it is acquiring US
peer Renovis in a stock-for-stock transaction valued at about 151.8 mln usd.
It said the merger is expected to create an emerging global pharmaceutical
company with three clinical candidates, a strong late
stage pre-clinical pipeline focusing on areas of neurological and inflammatory
diseases, and pro-forma cash of approximately 175 mln usd.
This excludes transaction costs and 64 mln usd in proceeds from Evotec's
disposal of its chemical development business.
Evotec said the merged company will apply to be listed on the Nasdaq.
judith.csaba@thomson.com
jcs/jfr
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