Evotec announced its intent to acquire CRO in October of this year. Dr Wener Lanthaler, CEO, described the move as “a big step forward,” during a conference call addressing the news.
The company is paying £55.7m in cash for the full share capital of Cyprotex – up slightly from the original £55.36m ($67.65) which the company offered to pay, as reported in October.
Cyprotex will continue to operate and serve its client base under its brand name “Cyprotex.”
Employees and capabilities will be integrated into Evotec’s global drug discovery group in order to leverage both companies’ partner networks and to identify further “commercial synergies,” according to Evotec.
Evotec expects the Cyprotex business to add approximately €18 to €20m ($18.75 to $20.83m) in revenues in 2017.