Halozyme Therapeutics announced today that it has withdrawn its non-binding proposal to acquire Evotec.
The $11.45 (€11.00) per share cash offer, which valued Evotec at approximately $2.8 billion (€2 billion), was rescinded after Evotec's management and supervisory boards declined to engage in discussions regarding the potential transaction.
Helen Torley, Halozyme's president and CEO, expressed disappointment in a statement, emphasizing the strategic benefits of a merger. "We continue to believe that a combination of Halozyme and Evotec would create a leading, differentiated, global pharma services company, benefitting shareholders, patients, and employees," Torley said.
Despite informal discussions and multiple requests for meetings, Halozyme's overtures to Evotec's leadership went unanswered, prompting the withdrawal. Halozyme highlighted its financial outlook and plans, reaffirming its raised 2024 guidance for revenue between $970 million and $1.02 billion and adjusted EBITDA of $595 to $625 million.
Evotec has publicly stated its intention to remain independent and has not commented further on the matter.