Evotec has bought University of Modena and Reggio Emilia spinout Rigenerand for $24.7m.
Rigenerand, an Italy-based cell technology spinout of University of Modena and Reggio Emilia, agreed to an acquisition by life sciences company Evotec yesterday for €23m ($24.7m). Rigenerand operates a current good manufacturing practice facility that specialises in complex cell-based therapies. Although Evotec does not expect to see a large financial impact from the acquisition in the short term, it expects Rigenerand’s expertise will allow it to win integrated partnerships within the cell therapy field. Rigenerand had raised $10m in equity funding from venture capital firm Principia in May 2016.