Evotec, a Germany-listed chemicals company, has agreed to buy Kinaxo Biotechnologies, a local drug discovery company backed by High-Tech Gründerfonds, a €272m ($370m) state-backed fund supported by industrial groups BASF, Deutsche Telekom, Siemens, Robert Bosch, Daimler and Carl Zeiss.

Evotec is paying €3m in cash and 2.6 million of its shares (worth €3.09 each at 11 February), and up to €4m in cash as performance fees. Alex von Frankenberg, managing director of High-Tech, which has first commitments from new investors…

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