NEW YORK (GenomeWeb News) – Evotec today said that it has completed its acquisition of DeveloGen, a German biopharmaceutical discovery and development firm, in a deal worth up to €14 million ($17.9 million).
Hamburg, Germany-based Evotec inked the agreement to acquire DeveloGen in July. It said that as of closing of the deal, the sellers of 99.3 percent of DeveloGen's shares had transferred their shares to Evotec.
Evotec said that it has issued 6,750,014 of its shares from its authorized capital as part of the consideration for the acquisition.
The acquisition adds two complementary alliances to Evotec's portfolio of core assets, including DeveloGen's integrated discovery alliance with Boehringer Ingelheim on small molecules to treat type 2 diabetes. Evotec will receive ongoing research funding from the alliance and is eligible for potential milestone payments of up to €237 million for the lead compound and royalty payments, it said.