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Halozyme makes 2 billion euro buyout offer for drug developer Evotec
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Halozyme makes 2 billion euro buyout offer for drug developer Evotec
Nov 15, 2024 12:03 PM

Nov 14 (Reuters) - Halozyme Therapeutics ( HALO ) said

on Thursday it has proposed to buy German drug developer Evotec

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

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)

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