Evotec acquires remaining 30% of Indian Joint Venture from DIL

9/29/2011, 7:23 AM (Source: GlobeNewswire)
Evotec AG /
Evotec acquires remaining 30% of Indian Joint Venture from DIL
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Hamburg, Germany -29 September 2011: Evotec AG (Frankfurt Stock Exchange: EVT,
TecDAX) today announced that it has signed a Share Purchase Agreement to acquire
the remaining 30% of equity of its Joint Venture with DIL Limited, India for
€1.7M.

The acquisition of DIL's 30% outstanding equity in the joint venture will give
Evotec 100% ownership of this subsidiary. Evotec acquired 70% of the equity of
Research Support International Private Limited (RSIPL), in August 2009 which was
subsequently renamed Evotec (India) Private Limited.  The transaction is
anticipated to close on 4(th) October.

With its now 100% owned Indian subsidiary Evotec has successfully expanded its
global scientific resource to offer the most complete and cost efficient drug
discovery solutions to the pharmaceutical and biotech industry. Operating out of
Thane, Mumbai, Evotec India has 140 scientists, focusing primarily on Medicinal
Chemistry. Going forward the intention is to further grow and expand this
capacity.

Colin Bond, Chief Financial Officer of Evotec stated: "With the purchase of the
remaining 30% of our successful Indian Joint Venture, Evotec is now able to
operate and accelerate this business with full control. This transaction will
allow financial optimization and a significant reduction in administration. 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. We would
like to thank our friends at DIL for supporting us over the last two years and
wish them well as they pursue new business avenues".

Despite the fact that Evotec pays in cash, the company keeps it cash guidance of
more than €60 Mio by year end.

Contact Evotec AG:

Dr Werner Lanthaler
Chief Executive Officer
Phone: +49.(0)40.56081-242
werner.lanthaler@evotec.com

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 report. 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.




--- End of Message ---

Evotec AG
Schnackenburgallee 114 Hamburg Germany

WKN: 566480;ISIN: DE0005664809;
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PDF of Press Release:
http://hugin.info/131215/R/1550721/477473.pdf




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