Evotec soars 18% on 2 bln euro buyout offer

Halozyme Therapeutics

15/11/2024 08:37

(Updates share move and milestone in paragraph 1, adds analyst
comment in paragraphs 6-7)
    ** Shares in Evotec  EVTG.DE  jump around 18% after biotech
company Halozyme  HALO.O  made a 2 billion euro ($2.11 billion)
buyout offer for the German drug development company
        ** If gains hold, Evotec's stock will see its best day
since July 2012
  
    ** Halozyme said it intends to buy all shares of Evotec at
11 euros per share, which corresponds to a premium of 27.5% to
Thursday's closing price
    ** On Monday Evotec rose on the news of private investment
firm Triton buying over 9% stake in the company and a report it
was considering a potential buyout
    ** The news on Halozyme might spark a takeover battle, a
local trader says
    ** Jefferies says that Just Evotec, Evotec's differentiated
biologics continuous manufacturing platform, appears to be a 
key driver of Halozyme's interst
        ** It adds that a potential deal with likely realise
some of the value of 140+ Evotec's partnered assets
  

($1 = 0.9493 euros)

 (Reporting by Isabel Demetz)
 ((Isabel.demetz@thomsonreuters.com))