Evotec Acquires Zebrafish Screening Operations of Summit Corporation
Acquisition against £ 0.5 million cash in 2009 expected to add approximately £ 1.5 million revenues in 2010
Evotec AG announced that the Company will acquire the zebrafish screening operations of Summit Corporation plc, including operations in Abingdon, UK, and Singapore, for £ 0.5 million in cash.
According to the company, Summit's zebrafish technology is a strong addition to Evotec's industrialized high-quality drug discovery platform. This capability is valuable to drug discovery as it provides important whole organism data about the safety and toxicity of drug-like molecules at an early stage of lead optimization. It thereby allows prioritization of the most promising compounds early in the drug discovery process, reducing the risk of potential later-stage failure and, ultimately, lowering costs in drug discovery and development.
Dr Werner Lanthaler, Chief Executive Officer of Evotec, added: "Through this small acquisition of Summit's zebrafish operations we are enhancing our world-class drug discovery platform. Besides strict cost containment one core element of our Evotec 2012 Action Plan to Focus and Grow is the further investment and expansion of our unique Discovery Alliance Business. This transaction is a first example of how we will continue to develop this business to build on our world-class leadership role."
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