The US$90 million for the German company to make the acquisition includes the potential performance-based earn-out components expected within the next three years
Evotec SE has signed a definitive agreement under which Evotec will acquire Just Biotherapeutics, based in Seattle, WA, USA for up to US$90 million including potential performance-based earn-out components expected within the next three years. The acquisition of 100% of the issued and outstanding equity interests of the company will be paid in cash.
Just.Bio is a technology company backed by the Gates Foundation, that integrates highly synergistic scientific expertise and technologies for design, development, and manufacturing of biologics. The acquisition grows Evotec's business into a comprehensive offering including biologics in therapeutic areas such as oncology, CNS, pain, inflammation, metabolics, and infectious diseases.
The US company has approximately 90 employees, mainly scientists, all working at a state-of-the-art discovery, development and manufacturing facility in Seattle.
The completion of the transaction is subject to customary closing conditions and is expected to close in Q2 2019.
Dr James Thomas, CEO of Just.Bio, said: “Combining Just.Bio with Evotec creates a technological powerhouse that will fuel our long-term mission to make important biologics accessible to patients worldwide. We are thrilled to be part of the Evotec family.”