Germany's Evotec is boosting its pipeline to five compounds with the acquisition of Renovis for $152 million in an all-stock transaction. An insomnia drug is slated to begin a human clinical trial by the end of next year. Evotec says it will seek a NASDAQ listing for the merged operation, which should help it buy out more drug developers.
"By combining Evotec's drug discovery and development know-how with Renovis' medicinal chemistry and target validation expertise, we expect to form a global biopharmaceutical company with world-class discovery capabilities," said Evotec Chief Executive Jorn Aldag.
- see the release [1] on the buyout
- read the report [2] from the International Herald Tribune
Related Articles:
Evotec shutters Alzheimer's development program. Report [3]
Evotec touts early data. Report [4]
Renovis pares work force in restructuring. Report [5]
Renovis, Pfizer to collaborate on pain research. Report [6]
Links:
[1] http://www.fiercebiotech.com/press-releases/press-release-evotec-acquire-renovis-seek-nasdaq-listing
[2] http://www.iht.com/articles/ap/2007/09/19/business/EU-FIN-COM-Germany-Evotec.php
[3] http://www.fiercebiotech.com/story/evotec-shutters-alzheimer-s-development-program/2006-09-14
[4] http://www.fiercebiotech.com/story/spotlight-evotec-touts-early-data/2006-06-08
[5] http://www.fiercebiotech.com/story/renovis-pares-work-force-in-restructuring/2007-01-24
[6] http://www.fiercebiotech.com/story/renovis-pfizer-to-collaborate-on-pain-research/2005-05-31