This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Evotec Acquires Cell Culture Service GmbH

  • STRENGTHENS CELL-BASED SCREENING AND REAGENT PLATFORM AT EVOTEC'S HAMBURG SITE
  • ADDS HIGH-MARGIN BUSINESS WITH AN EXPECTED REVENUE OF MORE THAN €1.0 M IN 2013
  • INITIAL PURCHASE PRICE OF APPROX €1.2 M IN CASH PLUS AN EARN-OUT PAYMENT DEPENDENT ON BUSINESS PERFORMANCE

HAMBURG, Germany, Jan. 3, 2013 (GLOBE NEWSWIRE) -- Evotec AG (Frankfurt:EVT) (TecDAX) today announced the acquisition of all shares in Cell Culture Service GmbH (CCS), a Hamburg-based company which supports the cell culture needs of a world-wide customer base of biotech and Pharmaceutical companies. CCS is one of the leading suppliers of custom cells and cell-based reagents such as recombinant assay cell lines, assay-ready Frozen Instant Cells, qualified membranes, and proteins for high throughput screening with more than ten years experience in bulk cell production.

Strengthening Evotec's position as quality leader in drug discovery solutions

The acquisition of CCS confirms Evotec's leading position as a fully integrated drug discovery and early development partner for Pharma and biotechnology companies. Integration of CCS' unique capabilities, such as frozen cell preparations and bulk cell transfection for cell-based screening will enable Evotec's partners to access the latest science and the best-in-class technology infrastructure to increase efficiency in the drug discovery process.

CCS' large scale processes for cell production, freezing and storage including the entire team of specialised cell culture scientists and technicians will be fully integrated into Evotec's Hamburg operations to realise cost synergies and efficiency improvements.

"Through the acquisition of CCS, Evotec strengthens its cell culture capabilities and gains access to a growing base of customers using cell- based assays in their drug discovery processes. CCS' experience and technologies for large scale cell production are a perfect fit with Evotec's screening and in vitro pharmacology activities", said Dr Mario Polywka, Chief Operating Officer of Evotec AG.

Dr Oliver Wehmeier, CEO of CCS, adds: "We are excited to join forces with Evotec. Our portfolio of custom products perfectly complements Evotec's integrated service offering. In return, our customers, who have relied on CCS' products and services for many years, will gain access to Evotec's broad range of screening technologies, which add a tremendous value to the assay-ready cells and cell-based reagents we provide."

Transaction structure reflects value potential

The purchase price consists of a cash consideration of €1.15 m and an earn-out component targeting €1.05 m in cash. The earn-out component will become due following one year after the acquisition and depends upon the achievement of certain revenue targets.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 18,040.37 +29.69 0.16%
S&P 500 2,111.73 +4.34 0.21%
NASDAQ 5,082.9290 +12.9030 0.25%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs