Aptuit Purchases Evotec’s Chemical Development Business for $63.9M
Segment generated 40% of Evotec’s total 2006 revenues.!--h2>
Evotec sold its chemical development arm to Aptuit for £31.5 million, or about $63.9 million, in cash. This business comprises process research and development (PRD), custom preparation, analytical development, pilot plant manufacturing, and formulation.
The chemical development segment reportedly generated €26.8 million through third-party revenues for the full-year 2006. This represents 40% of 2006 total group revenues.
The transaction will allow Evotec to focus on its pharmaceutical division. “The excellent terms achieved in this transaction put us in a much stronger position to leverage our clinical CNS assets,” says Jorn Aldag, president and CEO.
For Aptuit, the acquisition will add to its drug development service offerings. “We will integrate the highly regarded scientific staff and two pilot plants in Oxford and state-of-the-art parenteral fill/finish capabilities in Glasgow into our existing global network,” says Michael A. Griffith, CEO, and founder of Aptuit. “We will then leverage those capabilities to drive our commercial-scale capabilities in India.”