- ACQUISITION EXTENDS EVOTEC'S MULTIMODALITY OFFERING, WITH INTEGRATED SOLUTIONS FOR SMALL MOLECULES AND BIOLOGICS
- EXPANDS EVOTEC'S US FOOTPRINT IN SEATTLE AND MACHINE LEARNING CAPABILITIES
- DEAL VALUE OF $ 90 M INCLUDING POTENTIAL EARN-OUTS
HAMBURG, GERMANY / ACCESSWIRE / July 3, 2019 / Evotec SE (Frankfurt Stock Exchange: EVT, TecDAX, ISIN: DE0005664809) today announced that the strategic transaction to acquire Just Biotherapeutics ("Just.Bio"), signed on 20 May 2019, has been completed. The acquisition accelerates Evotec's long-term strategy to be the industry partner of choice for external end-to-end innovation, strengthening Evotec's multimodality approach to R&D.
Evotec acquired Just.Bio to integrate their cutting-edge machine-learning technologies and agile, flexible methods for the design, development, and manufacturing of biologics into Evotec's drug discovery offerings. Just.Bio's approx. 95 employees and its state-of-the-art biologic development and manufacturing site located in Seattle, WA, USA, will expand Evotec's US footprint. Just.Bio's capabilities and expertise comprise an in-house, integrated technology platform, J.DESIGN, enabling smart and efficient biologics' drug development from design and lead optimisation to manufacturing:
- J.MD(TM) is a technology-based process development tool using Abacus(TM), a machine learning-based computer-aided design tool, to predict and select optimal molecules for further development
- JP3(R) includes lab and computational tools for rapid development of a high-yielding manufacturing process along with a cGMP early clinical manufacturing facility
- Significant further potential lies in the company's J.POD(R) technology for flexible and modular, larger scale manufacturing of clinical and commercial-stage biologics
Transaction structure summary
In less than four years, Just.Bio has been able to build their J.DESIGN platform and attract a diversified customer portfolio resulting in strong financial growth with reported 2018 revenues of approx. $ 20 m. Evotec will pay a total consideration of up to $ 90 m including potential earn outs in the next three years. The initial consideration upon closing is $ 60 m subject to customary net debt and working capital adjustments. The acquisition of 100% of the issued and outstanding equity interests of the company will be paid in cash to a syndicate of institutional investors of ARCH Venture Partners, Merck & Co., Lilly Asia Ventures and the Bill & Melinda Gates Foundation. The acquisition will add to Evotec's revenue growth and will strengthen Evotec's overall strategic vision. A guidance update will be given upon reporting of half-year 2019 figures. Just.Bio will be financially fully consolidated under the Evotec Group.
Dr Werner Lanthaler, Chief Executive Officer of Evotec, said: "We are pleased to have been able to swiftly close the acquisition of Just.Bio. With the integration of Just.Bio's expertise in biologics and their outstanding human talent, we will accelerate our ability to build better molecules with cutting-edge technologies for our customers as well as our own pipeline. We warmly welcome the Just.Bio employees to the Evotec Group."
Dr James Thomas, EVP, Global Head, Biotherapeutics, President US Operations of Evotec, commented: "Starting with a small group of creative and passionate employees, we've made remarkably fast progress building a state-of-the-art technology platform for expanding global access to biologics. Joining forces with Evotec will build upon these accomplishments and accelerate expansion of our advanced capabilities in Seattle, a growing hub of technology innovation. We are thrilled to be part of the excellent Evotec global team."
ABOUT EVOTEC SE
Evotec is a drug discovery alliance and development partnership company focused on rapidly progressing innovative product approaches with leading pharmaceutical and biotechnology companies, academics, patient advocacy groups and venture capitalists. We operate worldwide and our more than 2,800 employees provide the highest quality stand-alone and integrated drug discovery and development solutions. We cover all activities from target-to-clinic to meet the industry's need for innovation and efficiency in drug discovery and development (EVT Execute). The Company has established a unique position by assembling top-class scientific experts and integrating state-of-the-art technologies as well as substantial experience and expertise in key therapeutic areas including neuronal diseases, diabetes and complications of diabetes, pain and inflammation, oncology, infectious diseases, respiratory diseases and fibrosis. On this basis, Evotec has built a broad and deep pipeline of approx. 100 co-owned product opportunities at clinical, pre-clinical and discovery stages (EVT Innovate). Evotec has established multiple long-term alliances with partners including, Bayer, Boehringer Ingelheim, Celgene, CHDI, Novartis, Novo Nordisk, Pfizer, Sanofi, Takeda, UCB and others. For additional information please go to www.evotec.com and follow us on Twitter @Evotec.
FORWARD LOOKING STATEMENTS
Information set forth in this press release contains forward-looking statements, which involve a number of risks and uncertainties. The forward-looking statements contained herein represent the judgement of Evotec as of the date of this press release. Such forward-looking statements are neither promises nor guarantees, but are subject to a variety of risks and uncertainties, many of which are beyond our control, and which could cause actual results to differ materially from those contemplated in these forward-looking statements. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any such statements to reflect any change in our expectations or any change in events, conditions or circumstances on which any such statement is based.
Contact Evotec SE:
Gabriele Hansen, VP Corporate Communications, Marketing & Investor Relations, Phone: +49.(0)40.56081-255, firstname.lastname@example.org
SOURCE: Evotec AGaccesswire.com https://www.accesswire.com/550722/Evotec-Completes-Acquisition-Of-Just-Biotherapeutics