Halozyme Withdraws Merger Proposal with Evotec Due to Lack of Dialogue
Deal News | Nov 22, 2024 | PR Newswire Cision Halozyme Therapeutics, Inc.
Halozyme Therapeutics, Inc., a leading biopharmaceutical company, has withdrawn its proposal to merge with Evotec SE after the latter resisted engaging in dialogue regarding the deal. The offer, at €11.00 per share, valued Evotec's fully diluted equity at €2.0 billion. Despite extensive due diligence and informal discussions with Evotec's supervisory board, Halozyme's overtures were rebuffed, with Evotec's public stance emphasizing its intention to remain independent. Helen Torley, President and CEO of Halozyme, affirmed their commitment to existing growth strategies, including a forecast of 10 approved products with ENHANZE® technology by 2025 and revenue ambitions of $1 billion in licensing incomes by 2027. Halozyme's decision reflects a strategic pivot, aligning with their financial forecast for 2024 which anticipates robust growth and substantial EBITDA. Halozyme remains an innovator in drug delivery technologies, with partnerships with prominent pharma players, seeking to enhance patient therapies through their proprietary ENHANZE® technology.
Sectors
- Biopharmaceuticals
- Mergers and Acquisitions
Geography
- United States – Halozyme Therapeutics, Inc. is headquartered in San Diego, California.
- Germany – Evotec SE is a biopharmaceutical company based in Germany.
Industry
- Biopharmaceuticals – Halozyme Therapeutics, Inc. operates within the biopharmaceutical sector, specializing in drug delivery solutions and patient therapies, which this article discusses in context of their ENHANZE® technology.
- Mergers and Acquisitions – The article centers on a proposed merger and acquisition activity between Halozyme and Evotec, highlighting the negotiation process.
Financials
- 11.00 EUR per share – Proposed cash offer per share by Halozyme for Evotec.
- EUR 2.0 billion – Total equity valuation of Evotec on a fully diluted basis according to Halozyme's offer.
- USD 970-1,020 million – Projected revenue for Halozyme in 2024.
- USD 595-625 million – Projected adjusted EBITDA for Halozyme in 2024.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Halozyme Therapeutics, Inc. | Bidding Company | Company | A biopharmaceutical company focusing on advanced drug delivery solutions, known for its ENHANZE® technology. |
| Evotec SE | Target Company | Company | A German-based biotechnology company operating in multiple therapeutic areas, resistant to the merger proposal by Halozyme. |
| Helen Torley | CEO of Halozyme | Person | President and CEO of Halozyme, leading the company's strategy and organizational efforts. |
| Teneo | Public Relations advisor | Company | Advisory firm handling communications for Halozyme's announcement. |