Evotec signs 250 million-euro major multi-component alliance with Sanofi
German biotech company Evotec (EVT: EXTRA) said on Friday that a definitive agreement for a major multi-component strategic alliance over the next five years has been signed with French pharma major Sanofi (Euronext; SAN). Evotec’s shares rose 7.3% to 3.99 euros on the news.
The previously-announced transaction is expected to close March 31, 2015. This successfully concludes the exclusive negotiations for a major multi-component strategic collaboration which the two companies entered into in December.
The collaboration will result in a minimum guaranteed commitment from Sanofi to Evotec of 250 million euros (263 million), including more than 40 million euros upfront cash payment. The five-year agreement includes initiatives with both of Evotec's two business segments (EVT Execute and EVT Innovate).
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