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Business

Service Firm Evotec Acquires DeveloGen

by Michael McCoy
July 19, 2010 | A version of this story appeared in Volume 88, Issue 29
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Evotec, a drug discovery and contract research firm, has agreed to acquire DeveloGen, a developer of small-molecule drugs based in Göttingen, Germany. Evotec will pay about $18 million and make future performance-related payments. Formed in 1997, DeveloGen has alliances with Boehringer Ingelheim on small-molecule diabetes treatments and with Andromeda Biotech on a synthetic peptide for diabetes. Evotec CEO Werner Lanthaler says the purchase adds to the firm’s list of high-value partnerships.

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