On July the 30th, Evotec AG and Aptuit announced they had entered in a definitive agreement, which will see Evotec acquire Aptuit for $300 million. Evotec specializes in drug discovery and development. The company operates worldwide and provides stand-alone and integrated drug discovery solutions. APTUIT offers a comprehensive set of integrated early discovery to mid-phase drug development services. APTUIT offers development and fully integrated drug discovery services from their facilities in the United Kingdom, Switzerland and Italy.

Through the agreement, Evotec will strengthen its position as one of the leading global players in the external innovation market. Simultaneously, the acquisition will provide Evotec with considerable opportunities to accelerate its long-term strategy to be the industry partner of choice for external innovation. To day, Aptuit has roughly 750 employees with most being scientists.

These experts work in discovery, development and manufacturing facilities in Verona, Italy, Oxford, United Kingdom, and Basel, Switzerland. In 2016, Aptuit completed more than 1,000 projects for more than 400 customers. The firm has a strong network in small to medium-sized Biopharma and a high level of repeat business.

The acquisition will give Evotec access to additional capacity and proven expertise. Evotec sincerely believes that Aptuit’s scientists and managers will prove to be valuable assets for their company. With a strong cultural fit between the two firms, Evotec believes the integration will be smooth and seamless. Before the acquisition, Aptuit had strong, growing financials. Reported revenues for 2016 were approximately 88 m EUR. Expected 2017 revenues topped out at 110 m EUR.

Evotec will pay $300 m or 256 m EUR to acquire Aptuit from Welsh, Carson, Anderson & Stowe. Evotec expects to provide a full guidance update as soon as the transaction closes. That is expected to happen during the 3rd quarter of 2017. More details can be found here. Evotec will be holding a conference call to discuss the details of the acquisition. The conference call be held on Monday, July the 31st at 2 PM CEST or 8 AM EDT.