Evotec to realign Discovery Chemistry Operations

Hamburg, Germany - 08 July 2013: Evotec AG (Frankfurt Stock Exchange: EVT, TecDAX, ISIN: DE0005664809) today announced that it will close its Chemistry Operations in Thane, India. All chemistry efforts will now be performed at its Abingdon (UK) facility, answering to an increasing requirement to operate closer to the principal R&D laboratories of our major customers. All project work in Thane will be finished at the end of September and Evotec (India) Private Ltd will be wound down from then.

As a consequence 120 people will have to leave the company and Evotec will take a one-time impairment charge of up to EUR 4 m in Q3 2013. At the same time Evotec confirms its revenue, profitability and cash guidance for 2013.

Dr Mario Polywka, Chief Operating Officer of Evotec, commented: 'Evotec were due to relocate its Indian chemistry operations in June 2014. During the due diligence in finding a new facility and because of growing customer requirements for European-based activities we came to the conclusion to exit our operations in India completely. Through this realignment we will be able to most efficiently serve our customers, utilise our UK chemistry resources and capabilities and also realise some cost savings. Unfortunately the impact is that we must say goodbye to a first-class work force in Thane that has so ably supported our customers over the last four years. I would like to express our sincere gratitude to these employees and wish them all the best for the future.'

ABOUT THE EVOTEC (INDIA) PRIVATE LIMITED 
Evotec (India) Private Limited is a 100% subsidiary of Evotec AG. Its offering includes custom synthesis, process research and development, scale-up and analytical services.

FORWARD LOOKING STATEMENTS - Information set forth in this press release contains forward-looking statements, which involve a number of risks and uncertainties. The forward-looking statements contained herein represent the judgement of Evotec as of the date of this report. Such forward-looking statements are neither promises nor guarantees, but are subject to a variety of risks and uncertainties, many of which are beyond our control, and which could cause actual results to differ materially from those contemplated in these forward-looking statements. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any such statements to reflect any change in our expectations or any change in events, conditions or circumstances on which any such statement is based.

Suggested Articles

The deal, which features an additional $2 billion in milestones, will give Bayer control of an AAV platform and a clinical-phase pipeline.

Scorpion is working on precision oncology 2.0, which includes making better drugs for known targets, hit undruggable targets and discover new targets.

It’s been a minute, but AstraZeneca has gotten the FDA’s all-clear to restart the U.S. study of its COVID-19 vaccine.