Evotec Shares Jump After It Secures Sanofi Agreement
June 18 2018 - 5:43AM
Dow Jones News
By Anthony Shevlin
Shares in Evotec AG (EVT.XE) rose Monday after the company
signed a transaction agreement with Sanofi SA (SAN.FR) to combat
infectious diseases.
As part of the transaction, France's Sanofi will pay Evotec 60
million euros ($69.6 million) up front and provide the German
company with significant long-term funding to ensure the
progression of the anti-infectives portfolio, Evotec said.
Evotec will integrate 100 employees into its global drug
discovery and development operations as part of the transaction, it
said. The positions from Sanofi will be transferred with specific
long-term employment commitments, Evotec said.
At 0912 GMT, Evotec shares traded at EUR15.24, up 4.7%.
Dr. Werner Lanthaler, chief executive of Evotec, said: "With the
signing of this transaction, Evotec will have created the highest
qualified translational footprint in infectious disease research
globally with approximately 180 scientists."
Evotec expects the transaction will increase its operating
income and be slightly accretive to earnings before interest, tax,
depreciation and amortization in the next five years.
Write to Anthony Shevlin at anthony.shevlin@dowjones.com
(END) Dow Jones Newswires
June 18, 2018 05:28 ET (09:28 GMT)
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