- EUR 140 M BRIDGE LOAN WAS DRAWN TO SECURE EVOTEC'S VALUE CHAIN EXPANSION BY SUCCESSFUL ACQUISITION OF APTUIT IN AUGUST 2017
- STRONG OPERATIONAL CASH FLOW ENABLES FULL REPAYMENT WITHIN LESS THAN TWO YEARS WHILE MAINTAINING STRONG CASH POSITION
HAMBURG, GERMANY / ACCESSWIRE / April 18, 2019 / Evotec SE (Frankfurt Stock Exchange: EVT, MDAX/TecDAX, ISIN: DE0005664809) today announced that it has completed the repayment of the EUR 140 m debt bridge facility Evotec drew down in context of the acquisition of Aptuit in 2017. Effective August 2017, Evotec acquired Aptuit, a partner research organisation for integrated outsourced drug discovery and development, for EUR 253.2 m in cash. This acquisition was financed through existing cash reserves and a new EUR 140 m senior debt bridge facility.
In July 2018, Evotec announced that the Company had repaid EUR 70 m of the EUR 140 m loan within the first year of the loan term. This repayment of the second half of the debt bridge less than nine months later was enabled mainly due to the strong cash inflow from Evotec's operational activities and through refinancing at more attractive conditions.
Enno Spillner, Chief Financial Officer of Evotec, commented: 'The swift repayment of the bridge loan ahead of schedule while maintaining a solid cash position is a further testament to Evotec's strong financial performance. It demonstrates that through its strong operational progress, Evotec not only creates sustainable shareholder value but also adds to the Company's cash-generating operations.'
ABOUT EVOTEC SE
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 and our more than 2,600 employees provide the highest quality stand-alone and integrated drug discovery and development solutions. We cover all activities from target-to-clinic to meet the industry's need for innovation and efficiency in drug discovery and development (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 neuronal diseases, diabetes and complications of diabetes, pain and inflammation, oncology, infectious diseases, respiratory diseases and fibrosis. On this basis, Evotec has built a broad and deep pipeline of approx. 100 co-owned product opportunities at clinical, pre-clinical and discovery stages (EVT Innovate). Evotec has established multiple long-term alliances with partners including, Bayer, Boehringer Ingelheim, Celgene, CHDI, Novartis, Novo Nordisk, Pfizer, Sanofi, Takeda, UCB and others. For additional information please go to www.evotec.com and follow us on Twitter @Evotec.
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.
Contact Evotec SE:
Gabriele Hansen, VP Corporate Communications, Marketing & Investor Relations, Phone: +49.(0)40.56081-255, email@example.com
SOURCE: Evotec AG