- Strong operational cashflow facilitates repayment of € 70 M within the first year of the loan term
- € 140 M loan was taken to expand Evotec's value chain with Aptuit in August 2017
Evotec AG (Frankfurt Stock Exchange: EVT, TecDAX, ISIN: DE0005664809) announced today that it completes the repayment of 50% of the € 140 m debt bridge facility within the first year of being granted in context of the Aptuit acquisition in 2017. Effective August 2017, Evotec acquired Aptuit, a partner research organisation for integrated outsourced drug discovery and development, for € 253.2 m in cash. This acquisition was financed through existing cash reserves and a new € 140 m senior debt bridge facility.
The repayment of € 70 m within the first year of the loan period is enabled mainly through the strong cash inflow from Evotec’s operational activities in the first half of 2018. In addition, Evotec refinanced part of the loan at highly attractive terms. Evotec expects the repayment to show a significantly positive effect on the
net debt ratio in the Company’s results.
Enno Spillner, Chief Financial Officer of Evotec, commented: “This early repayment underlines our strong cash-generating operating business, despite full commitments to our long-term EVT Innovate R&D and capacity-building strategy.”
ABOUT EVOTEC AG
Evotec is a drug discovery alliance and development partnership company focused on rapidly progressing innovative product approaches with leading pharmaceutical and biotechnology companies, academics, patient advocacy groups and venture capitalists. We operate worldwide providing the highest quality stand-alone and integrated drug discovery solutions, covering all activities from target-to-clinic to meet the industry’s need for innovation and efficiency in drug discovery (EVT Execute). The Company has established a unique position by assembling top-class scientific experts and integrating state-of-the-art technologies as well as substantial experience and expertise in key therapeutic areas including neuroscience, diabetes and complications of diabetes, pain and inflammation, oncology and infectious diseases. On this basis, Evotec has built a broad and deep pipeline of more than 80 partnered product opportunities at clinical, pre-clinical and discovery stages (EVT Innovate). Evotec has established multiple long-term discovery alliances with partners including Bayer, CHDI, Sanofi or UCB and development partnerships with e.g. with Sanofi in the field of diabetes, with Pfizer in the field of tissue fibrosis and Celgene in the field of neurodegenerative diseases. For additional information please go to www.evotec.com and follow us on Twitter @EvotecAG
FORWARD LOOKING STATEMENTS
Information set forth in this press release contains forward-looking statements, which involve a number of risks and uncertainties. The forward-looking statements contained herein represent the judgement of Evotec as of the date of this press release. Such forward-looking statements are neither promises nor guarantees, but are subject to a variety of risks and uncertainties, many of which are beyond our control, and which could cause actual results to differ materially from those contemplated in these forward-looking statements. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any such statements to reflect any change in our expectations or any change in events, conditions or circumstances on which any such statement is based.