Evotec AG has signed a Share Purchase Agreement to acquire the remaining 30% of its Joint Venture with DIL Ltd., India for $2.3 million. The acquisition gives Evotec 100% ownership of this subsidiary. Evotec had acquired 70% of the equity in August 2009. The transaction is expected to close October 4th.

Evotec India operates out of Thane, Mumbai, and employs 140 scientists focusing primarily on Medicinal Chemistry. The company plans to further expand capacity.

Colin Bond, chief financial officer of Evotec said, “With the purchase of the remaining 30% of our successful Indian Joint Venture, Evotec is now able to operate and accelerate this business with full control. This transaction will allow financial optimization and a significant reduction in administration. The deal also gives Evotec complete freedom to expand its activity in India in future without any restrictions. The access to a global best quality talent pool is the strategic reason for Evotec to establish operations in India. We would like to thank our friends at DIL for supporting us over the last two years and wish them well as they pursue new business avenues.”