Evotec plans €18 million stock sale

By Sheri Kasprzak

New York, April 26 - Evotec AG said it intends to conduct an €18 million stock deal.

The company will sell 5,228,701 shares to institutional investors in Europe and the United States. Pricing will be set through a bookbuilding process.

DZ Bank AG is the bookrunner for the deal.

The proceeds will be used to develop the company's projects.

Based in Hamburg, Germany, Evotec is a pharmaceutical company focused on treatments for Alzheimer's disease, sleep disorders and other ailments.

The stock slipped €0.06 on Wednesday to close at €3.73 (Frankfurt: EVT).

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