Evotec SE agreed to acquire Seattle-based private biotechnology company Just Biotherapeutics Inc. for an upfront cash payment of $60 million.
Just Biotherapeutics provides specialized services related to the development of drugs including design of processes, products and manufacturing plants. The company raised $14 million in a 2016 financing round that included investments by Bill & Melinda Gates Foundation, Merck & Co. Inc., Lilly Asia Ventures and ARCH Venture Partners LLC.
Hamburg, Germany-based Evotec, which provides drug discovery and development solutions, will pay another $30 million in milestone payments over the next three years.
Evotec expects to close the transaction in the second quarter of the year.
Just Biotherapeutics CEO James Thomas will join the combined company as executive vice president, global head of biotherapeutics and president of U.S. operations.