26th Oct 2016 06:59
LONDON (Alliance News) - Contract research organisation Cyprotex PLC on Wednesday said it has agreed to a takeover offer from German biopharmaceutical company Evotec AG which values Cyprotex at GBP41.7 million.
Evotec will pay 160.00 pence per share for Cyprotex, a 75% premium to the closing price for Cyprotex shares on March 31, when the company's first entered talks following Cyprotex having started a strategic review of its business. The offer is at an 8.1% premium to Cyprotex's closing price on Tuesday.
Evotec said Cyprotex will allow it to grow its presence in large-scale, strategic research services, complementing its existing screening services.
"We are delighted to recommend the acquisition of Cyprotex by Evotec to all shareholders following our strategic review for the business that commenced in April this year. Cyprotex has grown an impressive number of high quality customers in recent years serving a wide industry base," said Anthony Baxter, Cyprotex's chief executive.
"There is little overlap in the specific services between the two businesses but the opportunity to provide larger, integrated and strategic outsourced pre-clinical research services to a wider customer base is clear and compelling," he added.
By Sam Unsted; [email protected]; @SamUAtAlliance
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