- Adds Proprietary Technologies for Response Prediction and Drug Efficacy and Safety Assessment; Especially in Key Indication Area Oncology
- Adds Fast Growing Business With an Expected Revenue of €2.5m in 2011
Initial Purchase Price of Approx €12m Consists of €3m in Cash and 2.6m Shares; Plus Earn-Out Payments of Up to €4m Dependent on Performance Milestones
HAMBURG, Germany, Feb. 9, 2011 (GLOBE NEWSWIRE) -- Evotec AG (Frankfurt:EVT) (TecDAX) today announced the signing of a definitive agreement to acquire all shares in Kinaxo Biotechnologies GmbH, a Munich-based drug discovery alliance company supporting the development of targeted drugs.
Strengthening Evotec's position as quality leader in drug discoveryThe acquisition of Kinaxo confirms Evotec's leading position as fully integrated drug discovery and early development partner for pharma and biotechnology companies. Integration of Kinaxo's novel technologies enables Evotec and its partners to take earlier educated decisions on drug efficacy, safety and response in patients. Kinaxo's capabilities comprise a unique combination of innovative technologies improving drug development across the entire pharma value chain:
- Cellular Target Profiling ® uncovers the molecular targets of compounds with unknown mode-of-action and reveals possible off-target side effects early in the discovery and development process.
- KinAffinity ® determines the cellular selectivity of kinase inhibitors, which represent the most important class of targeted cancer drugs.
- PhosphoScout ® provides valuable knowledge on drug modes-of-action in vivo and how they respond to drug treatment.