Evotec AG (EVTCV)

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Renovis to be bought by Evotec for stock valued $4.75-share
DE:5664803.32, +0.16, +5.1%) the Hamburg, Germany, drug developer, the companies said. Evotec will pay stock valued at $4.75 a share, or $151.8 million, the companies said in a statement. Renovis closed at $3.32 on Tuesday, indicating Evotec is paying a 43% premium. Both boards have approved the deal. Before it closes, Evotec will seek to list its American depositary shares on the Nasdaq Global Market. Subject to a vote of Renovis holders and other conditions, the companies hope to close the deal in the first quarter. Cowen & Co. advised Renovis while Lehman Brothers advised Evotec. End of Story