Evotec Raises EUR 30 Mln From Biotechnology Value Fund - Quick Facts

(RTTNews) - Evotec AG (EVTCY.PK, EVOTF.PK) announced a 9.9% increase of its share capital. Evotec resolved on a capital increase from its authorised capital against cash contribution by issuing 11.82 million new shares to the Biotechnology Value Fund, L.P. and other affiliates of the US biotech specialist investment firm BVF Partners L.P. Shareholders' subscription rights would be excluded.

In a direct placement capital increase, which was arranged between the firm and BVF, BVF would invest 30 million euros to subscribe for about 11.82 million new Evotec shares at a share price of 2.55 euros per share. This involves a discount of about 3% to the closing auction price of the share on 27 August 2013, one day prior to the day of the Management Board resolution. With the registration of the capital increase in the commercial register, the registered share capital of the company would increase to 130.365 million euros.

Simultaneously, BVF also bought an option from TVM granting BVF the right to acquire an additional 11.82 million shares of Evotec at 4.00 euros per share within the next 30 months. Should this option be exercised in full, BVF would have a total stake in Evotec of more than 18%.