Summit divests zebrafish services business to Evotec

Under the terms of the divestment, Evotec has acquired the assets and operations associated with the zebrafish business currently located in Oxfordshire, UK and Singapore for GBP500,000 in cash. Employees and costs associated with the zebrafish business will be transferred to Evotec with immediate effect, said Summit.

The proceeds from this divestment will support Summit’s ongoing operational costs and working capital requirements. The net book value of tangible assets transferred is GBP187,000 and had a net operating profit of GBP27,000 for the financial year 2007/08.

Summit remains in discussion with a number of parties regarding certain current programs and obligations in order to realize cash and reduce expenditure and to secure the future of the company. The company said that it will continue to focus on the discovery and development of products from its proprietary iminosugar drug discovery platform.

Steven Lee, CEO at Summit, said: “This transaction is positive news both for Summit and the zebrafish services business. Evotec offers the zebrafish business, including its staff, an exciting future. Importantly, the deal provides immediate financial support to Summit that will assist our ongoing efforts towards securing the future of the business. This will focus on our iminosugar drug discovery platform, an area of science in which Summit has an unparalleled expertise, and offers great potential for the discovery of new
medicines.”