Evotec Buying U.S. Biopharmaceutical Producer

German pharmaceutical company acquiring Renovis for $151.8 million to expand research into treatments for inflammatory diseases.

HAMBURG, Germany (AP) — German pharmaceutical company Evotec AG said Wednesday it agreed to buy U.S.-based Renovis Inc. for about $151.8 million in stock to expand its research into treatments for inflammatory diseases.
By the end of 2008, Evotec expects to have at least five compounds in clinical trials.
''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.
Evotec said it planned to apply for a listing on the Nasdaq Stock Market. Its shares rose 3.1 percent to 3.29 euros ($4.56) in trading Wednesday in Frankfurt.
As of the end of August, South San Francisco, Calif.-based Renovis had about $87 million in cash on its balance sheet. The combined companies would have a pro-forma cash position of around $175 million.
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