Evotec Takes Over Full Ownership of JV in India for €1.7M
Company eyes expanded medicinal chemistry capacity and country's talent pool.!--h2>
Evotec is acquiring the remaining 30% of a joint venture in Mumbai with DIL for €1.7 million (approximately $2.3 million). The firm says that it plans to expand its medicinal chemistry capacity at this site.
The share purchase agreement, set to close on October 4, came more than two years after Evotec bought 70% of Research Support International Private Limited (RSIPL). The joint venture was subsequently renamed Evotec (India) Private Limited.
“This transaction will allow financial optimization and a significant reduction in administration,” states Evotec CFO Colin Bond. "The deal also gives Evotec complete freedom to expand its activity in India in future without any restrictions. The access to a global best quality talent pool is the strategic reason for Evotec to establish operations in India.”
While Evotec is paying cash for the remainder of RSIPL, the company says that it continues to stand by its guidance to investors that it will end the year with more than €60 million (about $81.8 million) in cash.