Evotec Takes over Full Ownership of JV in India
Evotec has agreed to acquire the remaining 30% of its Joint Venture with DIL Ltd., India for $2.3 million.
Hamburg-based Evotec AG announced yesterday that it has signed a Share Purchase Agreement to acquire the remaining 30% of its Joint Venture with DIL Ltd., India for $2.3 million. The transaction is expected to close October 4th.
The acquisition gives Evotec 100% ownership of this subsidiary. Evotec had acquired 70% of the equity in August 2009.
Evotec India operates out of Thane, Mumbai, and employs 140 scientists focusing primarily on Medicinal Chemistry. The company plans to further expand capacity.
Colin Bond, chief financial officer of Evotec said, "With the purchase of the remaining 30% of our successful Indian Joint Venture, Evotec is now a
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