HAMBURG, Germany, Jan. 24, 2012 (GLOBE NEWSWIRE) -- Evotec AG (Frankfurt:EVT) (TecDAX) today announced the completion of the squeeze-out process to acquire all of the remaining shares of DeveloGen AG from its minority shareholders. Evotec now is owner of 100% of the shares in DeveloGen. The former minority shareholders of DeveloGen will receive a payment of €12.75 per share, summing up to approximately €180,000.
Evotec had acquired 99.4% of the shares in DeveloGen in 2010. Following this, Evotec initiated a squeeze-out process regarding the remaining 0.6% of shares, which were held by about 250 minority shareholders. A General Meeting of the DeveloGen shareholders on 8 November 2011 voted in favour of the squeeze-out. The price per DeveloGen share of €12.75 was approved by an expert appointed by the Hannover district court.
With the registration of the squeeze-out in the commercial register Evotec became the sole owner of DeveloGen AG which has been renamed to Evotec (Göttingen) AG.
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. We operate worldwide providing the highest quality stand-alone and integrated drug discovery solutions, covering all activities from target-to-clinic. 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, pain, metabolic diseases as well as oncology and inflammation. Evotec has long-term discovery alliances with partners including Boehringer Ingelheim, CHDI, Genentech, Medimmune/Astra Zeneca, Novartis and Ono Pharmaceutical. In addition, the Company has existing development partnerships and product candidates both in clinical and preclinical development. These include partnerships with Boehringer Ingelheim, MedImmune and Andromeda (Teva) in the field of diabetes, and with Roche in the field of Alzheimer's disease. For additional information please go to http://www.evotec.com/">www.evotec.com.