Evotec Sells Drug Development Arm

Drug discovery firm Evotec (Hamburg, Germany) says it has sold its chemical development business to drug development services group Aptuit (Greenwich, CT) for $64 million in cash. Evotec’s chemical development business is comprised of activities in process research and development, custom preparation, analytical development, pilot plant manufacturing and formulation. The business has a total of about 210 people based in Oxford and Glasgow, U.K. and generated sales in 2006 of EUR €26.8 million ($37.2 million). "This acquisition continues Aptuit's...

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