Halozyme makes 2 billion euro buyout offer for drug developer Evotec (updated)

Halozyme Therapeutics

14/11/2024 21:39

(Changes sourcing, adds deal details in paragraph 2, share move
in paragraph 3, CEO quote in paragraph 6)
       Nov 14 (Reuters) - Halozyme Therapeutics  HALO.O  said
on Thursday it has proposed to buy German drug developer Evotec
 EVTG.DE  for about 2 billion euros ($2.10 billion), to bulk up
its drug discovery and development portfolio.
    Halozyme intends to purchase all the shares of Evotec at 11
euros per share, which represents a premium of 27.5% to Evotec's
last close price.
        U.S.-listed shares of Evotec were up 6.3%, while those
of Halozyme were down 5.1% in aftermarket trade.
    Earlier this week private equity firm Triton was also
reportedly exploring a potential buyout of Evotec, after it
confirmed a close to 10% stake in the company.
    Evotec's other major shareholders are Novo Nordisk
 NOVOb.CO  parent Novo Holdings and Mubadala Investment.
    "The combination of Halozyme and Evotec would diversify and
extend Halozyme revenue and EBITDA growth and durability well
into the next decade and beyond," said Helen Torley, chief
executive officer of Halozyme.
    Evotec's shares have fallen about 60% this year as revenues
continue to slump due to weakness in the clinical research
organization business market environment.
    The company collaborates with biotech companies through
research alliances and partnerships to help with drug
development.
    Halozyme's plan to acquire Evotec was first reported by
Bloomberg News earlier on Thursday.


($1 = 0.9504 euros)

 (Reporting by Christy Santhosh in Bengaluru; Editing by
Shailesh Kuber)
 ((Christy.Santhosh@thomsonreuters.com;))