Evotec SE (Frankfurt Stock Exchange: EVT, MDAX/TecDAX, ISIN: DE0005664809) today announced that it has completed the repayment of the EUR 140 m debt bridge facility Evotec drew down in context of the acquisition of Aptuit in 2017.
Effective August 2017, Evotec acquired Aptuit, a partner research organisation for integrated outsourced drug discovery and development, for EUR 253.2 m in cash. This acquisition was financed through existing cash reserves and a new EUR 140 m senior debt bridge facility.
In July 2018, Evotec announced that the Company had repaid EUR 70 m of the EUR 140 m loan within the first year of the loan term. This repayment of the second half of the debt bridge less than nine months later was enabled mainly due to the strong cash inflow from Evotec's operational activities and through refinancing at more attractive conditions.
Enno Spillner, Chief Financial Officer of Evotec, commented: 'The swift repayment of the bridge loan ahead of schedule while maintaining a solid cash position is a further testament to Evotec's strong financial performance. It demonstrates that through its strong operational progress, Evotec not only creates sustainable shareholder value but also adds to the Company's cash-generating operations.'
FORWARD LOOKING STATEMENTS
Information set forth in this press release contains forward-looking statements, which involve a number of risks and uncertainties. The forward-looking statements contained herein represent the judgement of Evotec as of the date of this press release. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any such statements to reflect any change in our expectations or any change in events, conditions or circumstances on which any such statement is based.
Tel: +49. (0)40.560 81-255
Fax: +49. (0)40.560 81-333
(C) 2019 Electronic News Publishing, source ENP Newswire