Renovis, Evotec merger clears waiting period hurdle

By Lisa Kerner

Charlotte, N.C., April 3 - The Hart-Scott-Rodino waiting period has expired in the proposed merger of Renovis, Inc. and Evotec AG, it was announced on Thursday.

As a result, the biopharmaceutical companies expect the merger to close in early May, according to a Renovis news release.

Renovis shareholders are set to vote on the deal at a special meeting on May 1.

As previously reported, Evotec agreed in September to acquire San Francisco-base 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 companies' definitive agreement, Hamburg, Germany-based Evotec will issue and Renovis shareholders will receive American Depository Shares representing 1.0542 Evotec ordinary shares in exchange for each outstanding share of Renovis common stock, a prior news release said.

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