Evotec Closes Gene Treatment Division Due to Q1 Losses

Due to a 2% decline in group sales in Q1 this year, Evotec revealed the closure of its gene therapy division.

Evotec said that it will close Evotec GT and leave the gene treatment industry, concentrating all of its attention on its “core modalities.” A facility in Austria will shut down as a result of the reorganisation; this will have an impact on forty people.

In an effort to increase profits by at least €40 million annually, Evotec claimed it will optimise footprint as well as capacity while streamlining its organisational framework and operational style. Nevertheless, following the declaration in April, shares have not increased in value.

Chief financial officer of Evotec in a recent statement said: “The strategic reset we announced last month has set us on a dynamic path back to sustainable profitable growth.”