Halozyme Proposes Merger with Evotec at €11.00 per Share
Deal News | Nov 14, 2024 | PR Newswire Cision Halozyme Therapeutics, Inc.
Halozyme Therapeutics, Inc. has announced a proposal to acquire Evotec SE for a cash offer of €11.00 per share, translating to an equity value of €2.0 billion. This offer represents a significant premium of 109% over Evotec's stock price prior to initial acquisition processes by Triton Partners. The merger aims to establish a leading global biopharma services entity, capitalizing on the joint technological and product hierarchies of both companies. Halozyme anticipates substantial growth in revenue and EBITDA, leveraging innovative approaches such as Evotec's drug discovery platform and Halozyme's ENHANZE® technology for efficient subcutaneous drug delivery. The transaction is designed to meet regulatory financing requirements and will not depend on external financing. Centerview Partners will act as financial advisor, while Weil, Gotshal & Manges LLP serve as legal counsel for Halozyme.
Sectors
- Biopharmaceuticals
- Technology
- Healthcare Services
Geography
- United States – Halozyme is headquartered in San Diego, California, and has operations in New Jersey and Minnesota.
- Germany – Evotec is a Germany-based company, with the proposed offer approved by its supervisory board.
- Europe – The merger envisions strengthening the companies' presence in the European market, alongside their international growth plans.
Industry
- Biopharmaceuticals – The primary focus of the merger is on developing and enhancing biopharmaceutical service capabilities, aligning with Halozyme's specialization.
- Technology – The merger emphasizes technological advancements, particularly in drug delivery systems and innovative treatment methodologies.
- Healthcare Services – The combined entity aims to optimize healthcare delivery, emphasizing improving patient outcomes through technology and services integration.
Financials
- €11.00 per share – The offer price per share proposed by Halozyme to acquire Evotec.
- €2.0 billion – Equity value of Evotec based on the proposed offer by Halozyme.
- 109% – Premium over Evotec's stock price before initial acquisition activities by Triton Partners.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Halozyme Therapeutics, Inc. | Bidding Company | Company | A biopharmaceutical company specializing in drug delivery technologies, including ENHANZE®. |
| Evotec SE | Target Company | Company | A Germany-based company known for its drug discovery platforms and biological production capabilities. |
| Centerview Partners | Financial Advisor | Company | Acts as the financial advisor to Halozyme for this transaction. |
| Weil, Gotshal & Manges LLP | Legal Advisor | Company | Providing legal counsel to Halozyme in this potential merger. |
| Teneo | PR & Communications | Company | Involved in media communications concerning the merger. |