Evotec to close US operations

Germany's Evotec says it will enter into a dramatic reshuffle of its drug-discovery and development operations, including the closure of its  acquired south San Francisco, USA, subsidiary Renovis. The reshuffle  will lead to the termination of around 45 positions as part of the  firm's Action Plan to Focus and Grow scheme, announced in March  (Marketletter March 16) by new chief executive Werner Lanthaler.   Evotec, now operating entirely from Germany, hopes to achieve 10.0  million euros ($13.3 million) in annual savings by 2010 and therefore  extend its cash assets to last beyond 2012.