Evotec AG has completed the repayment of 50 per cent of its EUR140 million debt bridge facility within the first year of it being granted for the acquisition of Aptuit in 2017.
Effective August 2017, Evotec acquired Aptuit, a partner research organisation for integrated outsourced drug discovery and development, for EUR253.2 million in cash. This acquisition was financed through existing cash reserves and a new EUR140 million senior debt bridge facility.
The repayment of EUR70 million within the first year of the loan period was made possible through the strong cash inflow from Evotec’s operational activities in the first half of 2018. In addition, Evotec refinanced part of the loan at highly attractive terms. Evotec expects the repayment to show a significantly positive effect on the net debt ratio in the Company’s results.
Enno Spillner, Chief Financial Officer of Evotec, says: “This early repayment underlines our strong cash-generating operating business, despite full commitments to our long-term EVT Innovate R&D and capacity-building strategy.”
