Germany-based biotechnology company Evotec AG said Monday that it finished its purchase of a majority stake in drug discovery and development company Research Support International Ltd.
Evotec, which develops treatments for Alzheimer's disease, pain and depression, said it now owns 70 percent of the company.
Evotec said it paid 2.8 million euros ($4 million) to DIL Ltd., India for the stake, before adjustments. A portion of the price includes a possible earn-out.
Evotec has a call option to buy the remaining 30 percent from DIL if there is a change of control.
Research Support is located in Thane near Mumbai, India. It was founded in 2004 and has 160 employees.
Research Support will be integrated with Evotec's operations in Germany, the UK and Singapore. Evotec said that its management board members — Werner Lanthaler, Mario Polywka and Klaus Maleck — were named to Evotec India's board, along with two DIL representatives.
