$90 million acquisition boosts Evotec expansion into biologics
German biotech Evotec (EVT: Xetra) has bought Seattle, USA-based Just Biotherapeutics for up to $90 million, including performance-based payments over the next three years. The initial consideration upon closing is $60 million.
Evotec, which is currently diversifying into biologics, said the move would offer “considerable business opportunities for further acceleration” of its long-term strategy. The firm is seeking to become “the industry partner of choice for external end-to-end innovation.”
The Hamburg-based firm has inked a number of deals in recent months, including an expanded partnership with Celgene (Nasdaq: CELG) and a dermatologicals deal with Denmark’s LEO Pharma.
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