BioCentury
ARTICLE | Finance

Rationalizing DeveloGen

Biotech VCs exit DeveloGen for Evotec stock and potential future milestones

July 19, 2010 7:00 AM UTC

A total of $61.1 million in venture money went into DeveloGen AG in its three financing rounds from 1998-2004, but Evotec AG (Xetra:EVT) will get the metabolic and endocrine company for no more than €14 million ($17.7 million) in stock, plus 30% of any future milestones and royalties from existing partnerships after third party expenses.

Under last week's deal, DeveloGen shareholders initially will receive 4 million Evotec shares valued at €2, with up to an additional 3 million shares over the next five years...