Company obtains Neuro3d’s assays, a viable target, and compound library, as well as Euro 22 million of net cash.
Evotec plans to enhance its focus on drugs targeting the central nervous system (CNS) through the stock-for-stock acquisition of Neuro3d. The company reports that it thus has access to Neuro3d’s assays and know-how about a target that has potential for the treatment of a number of diseases of the CNS and a related focused compound library.
Evotec also gains Neuro3d’s Euro 22 million of net cash. Of this amount, approximately Euro 18 million of cash are included in Neuro3d’s balance sheet already, and the remainder is expected to be received by the beginning of 2009.
The net cash proceeds from this transaction will be used to advance the acquired CNS project and to expand Evotec’s preclinical discovery efforts with the goal to further strengthen its CNS pipeline, according to the company.
