01:29 PM EST, 11/11/2024 (MT Newswires) -- Evotec (EVO) shares were rallying Monday after Bloomberg reported that the company is the subject of a potential takeover bid by Triton Partners as the private equity firm has become one of the drug developer's largest shareholders.

Triton recently increased its stake in Evotec to 9.99%, and would require foreign investment approval to hold 10% or more. Any significant acquisition would also need backing from Evotec's major shareholders, including Novo Holdings and Mubadala Investment, Bloomberg said.

Discussions are still ongoing, and Triton may choose not to make a formal offer, according to people familiar with the matter.

Both companies didn't immediately respond to a request for comment from MT Newswires.

Shares of Evotec were up 18% in recent Monday trading.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Price: 4.88, Change: +0.75, Percent Change: +18.04