German drug firm acquires Euprotec

MANCHESTER-based biotech firm Euprotec has been sold to a German drug discovery business.

Hamburg-based Evotec said the acquisition would allow it to expand into treatments for infectious diseases.

Founded in 2008, Euprotec provides contract research services to companies involved in the discovery and development of new drugs to treat infection, respiratory diseases and allergy.

It has customers in Europe, the US and South Africa and is part of a consortium which last year won a £1m contract from the US Department of Defense to develop an anti-infection treatment for soldiers.

The value of the deal was not disclosed. The company has been sold by three shareholders, Peter Warn, Lloyd Payne and Michael Birch. It had net assets of around £400,000 in the year to March, 2013.

Dr Payne, chief executive, said: “We are thrilled to be joining forces with Evotec and combining its leading-edge drug discovery platform with Euprotec’s comprehensive infectious disease biology capabilities and expertise. Our vision of delivering integrated, world-class anti-infective discovery solutions to our clients will now be realised.”

Evotec’s chief executive Dr Werner Lanthaler said: “Through the acquisition of Euprotec’s capabilities and its disease biology know-how in infection, Evotec is expanding its technological portfolio to offer a complete infrastructure and discovery solutions in the field of infectious diseases.”

Euprotec was advised by a team from Baker Tilly led by James Wild and Rikesh Patel and received legal advice from James Sheridan, David Easdown and Robin Hastings from Turner Parkinson.

Mr Wild, a corporate finance director, said: “We have worked with Euprotec for a number of years, and we were delighted to be able to advise the shareholders on this deal. This deal strengthens our position as a leading advisor to fast growing companies in the North West.”