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 on the buyout
- read the report from the International Herald Tribune
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