Evotec sells core detection technology IP to Olympus

German small-molecule drug development firm Evotec AG says that its Tools and Technologies Division has sold the core of its single-molecule detection technology and transferred or licensed the corresponding intellectual property portfolio to Olympus Corp, of Tokyo, Japan.

Evotec says the transaction is a step towards focusing its business on cell imaging and cell handling systems for the cell biology growth market, for which it has developed a set of novel confocal detection methods for single-molecule drug discovery. This tech-nology and IP portfolio and the related know-how will now be licensed or transferred to Olympus while Evotec Technologies will continue to market the relevant devices based on it and will continue to serve and support its entire existing customer base.

However, the German firm noted that certain revenues previously planned in 2006 will be transferred to Olympus. Adjusted for the sale of this part of its business, which generated revenues of 2.5 million euros ($3.1 million) with products and services in 2005, Evotec continues to anticipate 0%-5 % sales growth in 2006 on its remaining business, adding that the net proceeds from this transaction have already been included in its latest cash guidance. Further financial details were not disclosed.