Halozyme sets out offer to acquire Evotec

15 November 2024

Shares of German drug discovery company Evotec (FSE: EVT/Nasdaq: EVO) leapt 20% to 10.33 euros this morning on the revelation that the USA’s Halozyme Therapeutics (Nasdaq: HALO) has submitted a non-binding proposal to acquire Evotec for 11.00 euros per share in cash, implying a fully-diluted equity value of around 2.0 billion euros ($2.12 billion).

The proposal represents a premium of 109% to Evotec's undisturbed share price on October 15, 2024, the day prior to Triton Partners' initial accumulation of Evotec shares, and a premium of 77% to Evotec's last three-month volume weighted average price on October 15, 2024.

Evotec confirmed that it has “received, without prior contact, a non-binding expression of interest from Halozyme,” and said it will carefully analyze this expression of interest, decide on next steps, and inform the capital market in accordance with the legal requirements.

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