Evotec sells single molecule detection technology, IP portfolio to Olympus

By E. Janene Geiss

Philadelphia, July 24 - Evotec AG announced Monday that its tools and technologies division - Evotec Technologies GmbH - has sold the core of its single molecule detection technology and transferred or licensed the corresponding IP portfolio to Olympus Corp.

This transaction is a further step taken by Evotec Technologies to increasingly focus its business on providing cutting-edge cell imaging and cell handling systems for the cell biology growth market, according to a company news release.

Over the past few years, Evotec said it has developed a set of innovative confocal detection methods for single molecule drug discovery. This technology and IP portfolio and the related know-how will now be licensed or transferred to Olympus.

Evotec said it will continue to market devices based on this IP portfolio and on supplies from Olympus as elements of its drug discovery solutions and will continue to serve and support the entire existing customer base.

However, certain revenues previously planned in 2006 will be transferred to Olympus, officials said.

Adjusted for the sale of this part of its business, which generated about €2.5 million in revenues with products and services in 2005, Evotec said it continues to anticipate 0% to 5% revenue growth in 2006 on its remaining business.

The net proceeds from this transaction have already been included in Evotec's latest cash guidance, officials said.

The transaction will intensify the long-standing collaboration between Evotec and Olympus.

This collaboration had led to the MF20 molecular interaction analytical system, which is manufactured and marketed by Olympus. Olympus, meanwhile, has successfully launched the MF20 in Japan, officials said.

Both companies said they will closely work together to best exploit single molecule detection for cellular applications and to ensure the compatibility of Olympus' single molecule detection products with Evotec Technologies' cell biology systems.

Olympus is a Tokyo maker of precision machines and instruments.

Evotec is a Hamburg, Germany, biotechnology company.

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