Evotec to acquire Renovis for $152 million

Under the terms of the agreement, Evotec would issue, and Renovis shareholders would receive, American Depository Shares representing 1.0542 Evotec ordinary shares in exchange for each outstanding share of Renovis common stock such that current Evotec stockholders would own approximately 68.8% of the combined company and Renovis stockholders would own up to 31.2%.

Jorn Aldag, president & CEO of Evotec said: “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, a strong pipeline in CNS disorders and several significant research partnerships with pharmaceutical companies such as Boehringer Ingelheim, Pfizer and Roche.”

Corey Goodman, CEO of Renovis said: “The merger of the two companies represents an important opportunity for Renovis and its stockholders. The proposed transaction will combine leading science and complementary development programs across the CNS spectrum, creating a broad and innovative clinical, advanced preclinical and research portfolio.”