HAMBURG (dpa-AFX) - Drug discovery firm Evotec has secured fresh funding to finance its 'Project Horizon' transformation program. The company announced late Tuesday evening that it has placed convertible bonds with an aggregate principal amount of 116 million euros, slightly below its initial target of approximately 125 million euros. According to the report, the notes carry a seven-year maturity and a coupon of 2.625 percent, representing the midpoint of the previously indicated range.
The initial conversion price has been set at 6.5313 euros. Taking into account the accreted redemption amount, the effective conversion price of the bonds at maturity will be approximately 7.1844 euros. Concurrently, existing Evotec shares were placed in a secondary offering, facilitating sales for investors seeking to hedge their positions in connection with the bond placement./he/tav
Evotec SE is a Germany-based drug discovery and development company. The company is engaged in development of new pharmaceutical products through research alliances and development partnerships with pharmaceutical and biotechnology companies, academic institutions, patient organizations and venture capital companies. The drug discovery solutions are provided in the form of fee-for-service work, integrated drug discovery alliances, development partnerships, licensing of drug candidates and consulting arrangements. Evotec SE operates in a number of areas, including neuroscience, diabetes and complications of diabetes, pain and inflammation, oncology, infectious diseases, respiratory diseases and fibrosis. Its pipeline covers a range of therapeutic areas, such as CNS Insomnia, Chronic cough, immunology & inflammation, women’s health endometriosis, nephrology, dermatological diseases, fibrotic disease and antiviral, among others.
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