Penningtons Manches acts for Evotec in acqusition of Euprotec research organisation
Penningtons Manches’ life science team has advised Evotec in its acquisition of all shares in Euprotec, a UK-based specialist contract research organisation.
Euprotec provides anti-infective drug discovery services and its acquisition will strengthen Evotec’s position as a fully integrated drug discovery and early development partner for pharma and biotechnology companies.
The purchase price consists of a cash consideration of £1.9m and a deferred payment component of £1.25m in cash. For the current fiscal year, the company expects high single-digit percentage growth in revenue excluding milestones, upfronts and licences, to spend approximately €10m–€14m (£8m–£11.4m) in R&D and to end the year 2014 with a liquidity of more than €90m.
Corporate partner and life science specialist Patrick Baddeley led the team, supported by Dominique Sabatini and Kathy Hills.