Evolva and Prosarix have worked extensively together on multiple projects and products for eight years, in a progressively more integrated manner.
This ever-deepening collaboration led both companies to conclude that a full combination and alignment of interests was the next logical step in furthering the relationship.
Prosarix’s capabilities will be integrated into all Evolva current and future projects and partnerships. Prosarix’s operations near Cambridge will be maintained and Prosarix employees will become Evolva employees.
Evolva will purchase Prosarix with shares. The Prosarix shareholders will receive 1.2 million Evolva shares upfront (0.4% of Evolva’s issued capital). The shares will be sourced from Evolva’s treasury and as such not increase the total number outstanding (277 million shares at the end of June 2014). Prosarix shareholders are further entitled to two million (0.7%) additional Evolva shares between 2015 and 2018, linked to certain conditions.
The Prosarix acquisition has no impact on Evolva’s financial guidance for 2014. Discussions on an additional potential acquisition, first mentioned on 25 February 2014, are still in progress.
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