Evotec Completes Acquisition of Renovis

Evotec AG (Frankfurt Stock Exchange: EVT) today announced that the merger has been successfully completed and that Renovis, Inc. (traded formerly on NASDAQ: RNVS) is a wholly owned subsidiary of Evotec as of May 5, 2008.

In exchange for each outstanding share of Renovis common stock, Renovis stockholders receive 0.5271 American Depositary Shares, or ADSs, of Evotec, which have been approved for listing on the NASDAQ Global Market under the trading symbol "EVTC". The trading will be initiated today and the ADSs will trade on a "when issued" basis under the symbol "EVTCV" until they are eligible for normal trade settlement, currently anticipated to be within two weeks of the acquisition.

Each Evotec ADS represents two ordinary shares of Evotec. As a result, Evotec is issuing an aggregate of 34,970,268 new ordinary shares, which underly the ADSs issued to Renovis stockholders. Current Evotec stockholders now own approximately 68.8% of the combined company and Renovis stockholders own up to 31.2%. To ensure that new Evotec shareholders will be able to participate in this year's Annual General Meeting, Evotec has scheduled the meeting to be held on August 28, 2008.

The Executive Management Team of Evotec is the Executive Management Team of the combined company with Jörn Aldag serving as President & Chief Executive Officer. Dr Michael Kelly, currently Senior Vice President, Research & Development of Renovis, will join Evotec's Executive Management Team and will be President of Evotec's site in California. The combined company's Supervisory Board will consist of six directors. At Evotec's upcoming Annual General Meeting, Dr Corey Goodman, former Chief Executive Officer & President of Renovis, and John Walker, Executive Chairman and Principal Executive Officer of Renovis are expected to be elected as new members of Evotec's Supervisory Board.

“The acquisition enhances Evotec’s emerging clinical story. Our three clinical candidates are now backed by a strong late stage preclinical pipeline focusing on areas of neurological and inflammatory diseases, and we have pro-forma cash and investments of approximately US$ 188 million (as of March 31, 2008). By combining Evotec's drug discovery and development know-how with Renovis' medicinal chemistry and target validation expertise, we now have world class discovery capabilities, a strong pipeline in CNS disorders and several significant research partnerships with leading pharmaceutical companies such as Boehringer Ingelheim, Pfizer and Roche. By the end of 2009, we expect to have at least 6 compounds in clinical development, 3 of which should have proof-of-concept data to attract partners, and our cash is expected to last through 2010," said Jörn Aldag, President & Chief Executive Officer of Evotec.

Evotec AG

Evotec AG
Neuroscience drug development



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