Update: Innovation accelerating, but surprising setback
Evotec's EVT Innovate division is rapidly expanding its CureX/TargetX programmes, increasing the number from 14 to 21 during H114. These projects should form the basis of high-value commercial partnerships, and make EVT Innovate the main growth driver for Evotec, with the support of EVT Execute (the core drug discovery division). However, Evotec has just had a surprising setback, with the announcement that Hyperion is halting development of DiaPep277. Our valuation of Evotec is €465m.Evotec is a holding company engaged as a drug discovery solutions company providing drug discovery capabilities to pharmaceutical and biotechnology companies as well as to academic institutions. These drug discovery solutions are provided in form of fee-for service work, integrated drug discovery alliances, development partnerships, licensing of drug candidates and consulting arrangements. Co. is primarily involved in the areas of neuroscience, pain, metabolic diseases, oncology and inflammation. Co. provides its drug discovery activities under the banners of EVT Execute, EVT Integrate and EVT Innovate. Co.'s operations are divided into two segments: EVT Execute and EVT Innovate.
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