Evotec profit target in danger after drug trial halted

[riky]

Evotec profit target in danger after drug trial halted

German biotechnology company Evotec may miss its profit target for 2014 after a trial involving a drug for which it expected to receive royalties was halted. The trial was terminated by Hyperion Therapeutics, which said on Sunday it would stop developing diabetes drug Diapep277 after discovering manipulation of trial data by employees of a recently acquired subsidiary, Andromeda Biotech. Evotec said on Monday it was due to receive 3.4 million euros from Hyperion and Andromeda, which it would need to meet its goal of keeping adjusted earnings before interest, tax, depreciation and amortization (EBITDA) at last year's level of 10.4 million euros. Evotec will also take a charge of 8.7 million euros, the company added in a statement.

Source: You are not allowed to view links. Register or Login