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Evotec SE, headquartered in Hamburg, Germany, is a leading global drug discovery and development company. Specializing in providing comprehensive solutions to pharmaceutical and biotechnology companies, academic institutions, and nonprofit organizations, Evotec is renowned for its extensive capabilities in therapeutic areas such as central nervous system disorders, diabetes, inflammation, oncology, infectious diseases, and women's health.
Evotec’s core business is divided into two main segments: Shared R&D and Just-Evotec Biologics. The Shared R&D segment, making up approximately 80% of the company's sales, offers drug discovery and manufacturing services on a fee-for-service basis. It also engages in integrated drug discovery collaborations leveraging proprietary, internally-developed assets. Just-Evotec Biologics, accounting for about 20% of sales, provides contract development and manufacturing (CDMO) services for biologics.
With a workforce of over 5,000 employees, Evotec operates 18 production sites mainly across Europe and the United States. In recent years, the company has made significant strides in forming strategic alliances and collaborations, such as the recent partnership with Claris Ventures and Variant Bio, aimed at accelerating the development of innovative therapeutics.
Evotec’s multimodal platform combines cutting-edge technologies, data, and scientific expertise to drive the discovery, development, and production of first-in-class and best-in-class pharmaceutical products. The company’s integrated R&D network includes partnerships with all Top 20 Pharma companies and over 800 biotech companies, academic institutions, and other healthcare stakeholders. This robust network facilitates the co-creation of a world-leading pipeline of over 200 proprietary and co-owned R&D projects, ranging from early discovery to clinical development.
Recent achievements by Evotec include the successful Clinical Trial Application (CTA) for IAMA Therapeutics’ lead program IAMA-6 and the strategic collaboration with Janssen for immune-based therapies. Additionally, Evotec has expanded its relationship with Bristol Myers Squibb in neurodegeneration and targeted protein degradation.
Financially, Evotec has demonstrated resilience despite macroeconomic challenges and a substantial cyber-attack in 2023. The company reported a 4% increase in revenues, reaching €781.4 million in 2023, driven by new collaborations and the strong performance of Just-Evotec Biologics.
As of 2024, Evotec continues to focus on sustainable and profitable growth, optimizing its operations to meet evolving market demands. The company is committed to advancing its mission of discovering and developing effective therapeutics that address unmet medical needs globally.
Evotec SE and Novo Nordisk have selected their first three projects for LAB eN² drug discovery accelerator, focusing on cardiometabolic diseases. The selected projects come from Boston University, Harvard University (with Mass General Brigham), and Joslin Diabetes Center. The program is also expanding to include five new academic institutions.
The projects focus on: inflammation in cardiometabolic diseases and chronic kidney disease; molecular mechanisms related to bariatric surgery for metabolic syndrome treatment; and a novel target approach for type 1 diabetes. Projects receive initial Discovery Award funding, with potential additional funding up to IND application stage. Novo Nordisk maintains the option to further develop and license specific programs.
Evotec SE announced that Chief Operating Officer Dr Craig Johnstone will step down and leave the company effective December 31, 2024. Johnstone joined Evotec in 2012, serving various leadership roles before becoming COO in 2019. During his 12-year tenure, he played a key role in shaping Evotec and Global Operations. The COO responsibilities will be distributed internally across the Global Operations Leadership Team until a new organizational structure is announced following the Strategic Review.
Evotec SE acknowledges Halozyme Therapeutics Inc.'s withdrawal of its non-binding proposal to acquire Evotec for EUR11.00 per share in cash. The proposal was initially submitted on November 13, 2024. Evotec's Management Board and Supervisory Board, along with advisors, were in the process of evaluating the proposal when it was withdrawn. The company's leadership maintains strong confidence in their standalone strategy, which they believe will drive growth, enhance long-term profitability, and create significant shareholder value.
Halozyme Therapeutics (NASDAQ: HALO) has withdrawn its non-binding proposal to acquire Evotec SE (NASDAQ: EVO) for €11.00 per share in cash, which valued Evotec at €2.0 billion. The withdrawal comes after Evotec's unwillingness to engage in discussions about the potential combination. Despite Halozyme's attempts to engage with Evotec's leadership, including informal discussions with a Supervisory Board member, their requests were not accepted. Halozyme maintains its 2024 guidance with revenue of $970-$1,020 million and adjusted EBITDA of $595-$625 million, and projects 10 approved products with ENHANZE® by 2025 and $1 billion in royalty revenue by 2027.
Halozyme (NASDAQ: HALO) has provided an update on its non-binding proposal to acquire Evotec SE for €11.00 per share in cash, valuing the company at €2.0 billion. The proposed combination would create a leading global innovative pharma services company with projected annual revenue of $2 billion in 2025. The acquisition would combine Evotec's drug discovery and biologics manufacturing capabilities with Halozyme's ENHANZE® drug delivery technology. The all-cash transaction would be funded through cash reserves and new debt, with projected net leverage less than 2x within two years post-close. Halozyme expects to have over $800 million in cash by year-end 2024, maintaining a 15-20%+ revenue CAGR through 2023-2028 and achieving 45-50% adjusted EBITDA margin by 2026.
Evotec SE has received an unsolicited, non-binding expression of interest from US biotechnology company Halozyme Therapeutics Inc. regarding a potential takeover. The proposed offer price is EUR 11.00 per share. Evotec states that there was no prior contact before this expression of interest. The company will analyze the proposal and inform the capital market about next steps in accordance with legal requirements.
Halozyme (NASDAQ: HALO) has submitted a non-binding proposal to acquire Evotec SE (NASDAQ: EVO) for €11.00 per share in cash, valuing the company at €2.0 billion. The offer represents a 109% premium to Evotec's share price on October 15, 2024, and a 77% premium to its three-month volume weighted average price.
The proposed combination aims to create a global innovative services company, integrating Evotec's drug discovery platform and Just – Evotec Biologics manufacturing capabilities with Halozyme's ENHANZE® technology. The merger would diversify and extend Halozyme's revenue and EBITDA growth well into the next decade, with no financing contingency required for the transaction.
Evotec SE reported its Q3 2024 financial results, showing mixed performance. Group revenues decreased by 1% to €575.7m, with Total Shared R&D revenues declining 12% to €447.1m due to challenging market conditions. However, Just - Evotec Biologics segment showed strong growth of 74% YoY, contributing €128.7m. The company reported adjusted Group EBITDA of €(6.0)m compared to €50.2m in 9M 2023.
Notable developments include extended partnerships with Bristol Myers Squibb, Sandoz, and Novo Nordisk, plus a new collaboration with Pfizer. The company's Priority Reset program is on track to deliver €40m in annual EBITDA improvements. Evotec maintains its 2024 guidance with revenue expected at €790-820m and adjusted EBITDA at €15-35m.
Evotec SE has announced the sale of its chemical API manufacturing site, Evotec DS GmbH in Halle/Westphalia, to Monacum Partners GmbH. The divestment is part of Evotec's 'Priority Reset' initiative launched in April 2024, aimed at fostering profitable growth through operational refinement. The facility, which specializes in chemical APIs, intermediates, and building blocks manufacturing, will continue operations under the new name DAPIN GmbH. The entire workforce will transition to the new ownership, with Monacum Partners committed to maintaining and growing the business. Financial details were not disclosed.
Evotec SE has announced it will release its financial results for the first nine months of 2024 on Wednesday, November 6, 2024. The company will host a conference call at 2:00 PM CET to discuss the nine-month results and provide updates on their ongoing priority reset and strategic review process. The call will be conducted in English and will include both a webcast and phone-in options. Participants can access presentation slides and register for the audio webcast through provided links. An on-demand version will be available on Evotec's website after the event.
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