Evotec raises EUR 30 m from Biotechnology Value Fund

Hamburg, (PresseBox) - .
- Biotechnology Value Fund, L.P. and other affiliates of US Investment firm BVF Partners L.P. ('BVF') invest EUR 30 m in new Evotec shares
- In a simultaneous transaction, BVF aquires Option to buy stake from VC firm TVM Capital ('TVM')
- Acceleration of capital-efficient drug discovery strategy

Evotec AG (Frankfurt Stock Exchange: EVT, TecDAX, ISIN: DE0005664809) today announced a 9.9% increase of its share capital. Evotec resolved on a capital increase from its authorised capital against cash contribution by issuing 11,818,613 new shares to the Biotechnology Value Fund, L.P. and other affiliates of the US biotech specialist investment firm BVF Partners L.P. Shareholders' subscription rights will be excluded.

In a direct placement capital increase, which was arranged between the Company and BVF, BVF will invest EUR 30 m to subscribe for 11,818,613 new shares of Evotec at a share price of EUR 2.55 per share. This involves a discount of approximately 3% to the closing auction price of the share on 27 August 2013, one day prior to the day of the Management Board resolution. With the registration of the capital increase in the commercial register, the registered share capital of the Company will increase to EUR 130,365,452.

In a simultaneous transaction, BVF also purchased an option from TVM granting BVF the right to acquire an additional 11,818,612 shares of Evotec at EUR 4.00 per share within the next 30 months. Should this option be exercised in full, BVF will have a total shareholding in Evotec of over 18%.

Dr Werner Lanthaler, Chief Executive Officer of Evotec, commented: 'We want to welcome BVF at Evotec. This additional capital further strengthens our flexibility for us to invest in and expand our best-in-class EVT Execute Pharma outsourcing service strategy and our EVT Innovate strategy to build significantly more Cure X and Target X initiatives together with top academic partners and biotech firms. In addition, I would like to thank TVM and also ROI Verwaltungsgesellschaft mbH ('ROI'), who made the option agreement possible. With the support from ROI, TVM will be able to sell the additional options to BVF.'

Matthew Perry, Portfolio Manager of Biotechnology Value Fund, said: 'It is a privilege to become a major strategic shareholder of Evotec. The Company has built an outstanding business model that can sustainably generate novel, high-value drug candidates. This is a highly capital-efficient drug discovery engine that we are excited to support into the future.'

Dr Hubert Birner, Managing Partner of TVM, added: 'BVF, a very reputable US investor, took an enthusiastic position on the future of Evotec and was determined to secure an even stronger position in the Company than could have been acquired directly via the public markets. TVM and ROI together were happy to provide such opportunity for BVF through an option agreement and we highly welcome BVF as a specialised biotechnology investor and co-shareholder in Evotec.'

Revenue guidance of the Company remains unchanged. Given the capital inflow, Evotec increases its cash guidance to >EUR 90 m by the end of 2013.

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 report. 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.

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