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Evotec, Renovis combine in $151.8 million stock-for-stock transaction
By Lisa Kerner
Charlotte, N.C., May 2 - Evotec AG said with its acquisition complete, Renovis, Inc. is now a wholly owned subsidiary of Evotec.
As previously reported, Evotec agreed in September to acquire San Francisco-based Renovis in a stock-for-stock transaction valued at about $151.8 million, or $4.75 per share. The new company will be called Evotec.
Under the terms of the biopharmaceutical companies' definitive agreement, Hamburg, Germany-based Evotec will issue and Renovis shareholders will receive 0.5271 of an American Depository Share representing 1.0542 Evotec ordinary shares in exchange for each outstanding share of Renovis common stock, according to an Evotec news release.
Evotec said it is issuing a total of 34,970,268 new ordinary shares, which underlie the ADSs issued to Renovis stockholders.
The ADSs have been approved for listing on the Nasdaq Global Market under the symbol "EVTC" beginning on or about Monday.
Current Evotec stockholders now own some 68.8% of the combined company, and Renovis stockholders own up to 31.2%.
According to Evotec, its management team will become the executive management team of the combined company, led by president and chief executive officer Jorn Aldag.
Renovis senior vice president of research and development Dr. Michael Kelly will join Evotec's executive management team as president of Evotec's California location, a prior news release stated.
Former Renovis CEO and president Dr. Corey Goodman and former executive chairman John Walker are expected to be elected to Evotec's supervisory board at the company's annual meeting on Aug. 28.
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