Penningtons Manches has advised Evotec AG on its takeover of Cyprotex PLC by means of a scheme of arrangement. The acquisition valued Cyprotex’s share capital at approximately £41.7 million with an enterprise value of approximately £55 million.
Evotec is a German publicly listed drug discovery solutions company, providing drug discovery expertise and capabilities to the pharmaceutical and biotechnology industry as well as to academic institutions.
Cyprotex is a specialist pre-clinical contract research organisation. The acquisition will permit cross-selling opportunities within Evotec’s customer base, complementing Cyprotex’s existing offering in LI/LO screen and other general compound screening services. Evotec’s customer reach and strategic influence with large pharma will help drive larger, less tactical work in this area.
The Penningtons Manches team included David Tighe, Melvin Pedro, Matthew Martin, Katarina Hrabovska (corporate) and Stephen Goldstraw (tax).
Corporate partner David Tighe, who led the team, said: “Our role in this high profile, cross-border public takeover confirms our position as a leading player in the life sciences and biotech sectors. We have acted for Evotec for a number of years and we are delighted to help the company on this significant transaction.”
Dr Christian Dargel, General Counsel of Evotec, commented: “We really enjoyed working with the team at Penningtons Manches who provided superb support throughout on this complex and time-pressured transaction.”