Evoke Pharma Enters into Definitive Agreement to Be Acquired by QOL Medical
Evoke Pharma (NASDAQ: EVOK) agreed to be acquired by QOL Medical for $11.00 per share in cash, a 139.7% premium to Evoke's November 3, 2025 closing price. The boards of both companies approved the transaction, which will be effected via a tender offer and is expected to close in the fourth quarter of 2025. QOL Medical said it will finance the deal with cash on hand and the transaction is not subject to a financing condition.
The announcement highlights Evoke’s commercial product GIMOTI (metoclopramide) nasal spray, described as the first and only FDA-approved nasal spray for acute and recurrent diabetic gastroparesis in adults. Upon successful tender, a QOL subsidiary will merge into Evoke and any remaining shares will be cancelled and converted into the same cash price per share.
Evoke Pharma (NASDAQ: EVOK) ha accettato di essere acquisita da QOL Medical per $11,00 per azione in contanti, con un premium del 139,7% rispetto al prezzo di chiusura di Evoke del 3 novembre 2025. I consigli di amministrazione di entrambe le società hanno approvato la transazione, che sarà realizzata tramite un'offerta pubblica di acquisto e si prevede che si chiuda nel quarto trimestre del 2025. QOL Medical ha detto che finanzierà l'accordo con liquidità disponibile e la transazione non è soggetta a una condizione di finanziamento.
L'annuncio mette in evidenza il prodotto commerciale di Evoke GIMOTI (metoclopramide) spray nasale, descritto come il primo e unico spray nasale approvato dalla FDA per la gastroparesi diabetica acuta e ricorrente negli adulti. Al termine della tender andrà in implemetazione una fusione di una controllata di QOL in Evoke e le azioni rimaste saranno annullate e convertite nello stesso prezzo in contanti per azione.
Evoke Pharma (NASDAQ: EVOK) acordó ser adquirida por QOL Medical por $11.00 por acción en efectivo, una prima del 139,7% respecto al precio de cierre de Evoke del 3 de noviembre de 2025. Los consejos de administración de ambas compañías aprobaron la transacción, que se llevará a cabo mediante una oferta de adquisición y se espera que cierre en el cuarto trimestre de 2025. QOL Medical dijo que financiará el acuerdo con efectivo disponible y la transacción no está sujeta a una condición de financiamiento.
El anuncio destaca el producto comercial de Evoke GIMOTI (metoclopramida) spray nasal, descrito como el primer y único spray nasal aprobado por la FDA para gastroparesia diabética aguda y recurrente en adultos. Tras la oferta exitosa, una filial de QOL se fusionará con Evoke y cualquier acción restante será cancelada y convertida al mismo precio en efectivo por acción.
Evoke Pharma (NASDAQ: EVOK)은 주당 현금 11.00달러로 QOL Medical에 의해 인수되기로 합의했으며, Evoke의 2025년 11월 3일 종가 대비 139.7% 프리미엄이 적용됩니다. 양사 이사회는 거래를 승인했으며, 이는 공개매수(tender offer) 방식으로 실행되고 2025년 4분기에 마감될 것으로 예상됩니다. QOL Medical은 거래를 현금 보유분으로 finansialize할 것이며 자금조달 조건은 적용되지 않는다고 밝혔습니다.
발표는 Evoke의 상용 제품 GIMOTI(메토클로프라미드) 비강 스프레이를 강조하며, 성인 당뇨병성 위마비의 급성 및 재발에 대해 FDA가 승인한 최초이자 유일한 비강 스프레이로 설명됩니다. 성공적인 입찰이 이루어지면 QOL의 자회사가 Evoke에 합병되고 남은 주식은 취소되어 주당 같은 현금가격으로 전환됩니다.
Evoke Pharma (NASDAQ: EVOK) a accepté d'être rachetée par QOL Medical pour 11,00 $ par action en espèces, une prime de 139,7% par rapport au cours de clôture d'Evoke au 3 novembre 2025. Les administrateurs des deux sociétés ont approuvé la transaction, qui sera réalisée par le biais d'une offre publique d'achat et devrait être clôturée au 4e trimestre 2025. QOL Medical a déclaré qu'elle financerait l'accord avec des liquidités disponibles et que la transaction ne dépend pas d'une condition de financement.
L'annonce met en avant le produit commercial d'Evoke GIMOTI (métoclopramide) spray nasal, décrit comme le premier et seul spray nasal approuvé par la FDA pour la gastroparesie diabétique aiguë et récurrente chez les adultes. Après une offre réussie, une filiale de QOL fusionnera avec Evoke et les actions restantes seront annulées et converties au même prix en espèces par action.
Evoke Pharma (NASDAQ: EVOK) hat zugestimmt, von QOL Medical für 11,00 $ pro Aktie in bar übernommen zu werden, einer 139,7%-igen Prämie gegenüber dem Schlusskurs von Evoke am 3. November 2025. Die Vorstände beider Unternehmen billigten die Transaktion, die durch ein Tender Offer durchgeführt wird und voraussichtlich im vierten Quartal 2025 abgeschlossen wird. QOL Medical gab an, das Geschäft mit Barliquidität zu finanzieren, und die Transaktion ist keiner Finanzierungsbedingung unterworfen.
Die Ankündigung hebt Evokes kommerzielles Produkt GIMOTI (Metoclopramid) Nasenspray hervor, beschrieben als das erste und einzige von der FDA zugelassene Nasenspray für akute und rezidivierende diabetische Gastroparese bei Erwachsenen. Nach erfolgreicher Übernahme wird eine Tochtergesellschaft von QOL mit Evoke fusionieren, und verbleibende Aktien werden storniert und zum gleichen Barpreis je Aktie umgewandelt.
إي فوك دو فارماسوتيكلز (إي بي أو كيه) EVOK اتفقت على أن تُستَحوذ عليها من قبل QOL Medical بمبلغ $11.00 للسهم نقداً، بــ علاوة قدرها 139.7% مقارنة بسعر إغلاق Evoke في 3 نوفمبر 2025. وافق مجلسا إدارة الشركتين على الصفقة، التي ستتم من خلال عرض شراء نقدي مُسبق وتُتوقع أن تُغلق في الربع الرابع من 2025. قالت QOL Medical إنها ستتمول الصفقة من خلال نقدٍ متاحٍ لديها وأن المعاملة ليست مشروطة بوجود تمويل.
وتبرز الإعلانات منتج Evoke التجاري GIMOTI (بخّار ميمي) منMetoclopramide)، يوصف بأنه أول وأوحد بخاخ أنفي معتمد من FDA لعسر الهضم السكري الحاد والمتكرر لدى البالغين. بعد نجاح العرض النقدي، ستندمج إحدى الشركات التابعة لـ QOL مع Evoke ويتم إلغاء جميع الأسهم المتبقية وتحويلها إلى نفس سعر النقدي للسهم الواحد.
- Offer price of $11.00 per share
- 139.7% premium to Nov 3, 2025 closing price
- Transaction not subject to financing and funded with cash on hand
- GIMOTI is the only FDA-approved nasal metoclopramide for diabetic gastroparesis
- Tender offer requires majority of outstanding shares to be tendered
- Transaction timing conditional on closing in Q4 2025, creating near-term execution risk
- Any remaining Evoke shares will be cancelled and converted at the tender price
Insights
QOL Medical will buy Evoke for
Business mechanism: This is a buyout via a tender offer where QOL Medical will pay
Dependencies and risks: Closing depends on achieving the majority tender threshold and satisfying customary conditions. Although there is no financing condition, regulatory, contractual, or shareholder actions could delay or alter timing. The premium of
What to watch and timeframe: Monitor the tender offer acceptance level, any competing bids, and proxy or tender-related statements through Q4 2025 and into
QOL Medical to Acquire All Outstanding Shares of Evoke for
Represents a
Transaction expected to close by the end of 2025
SOLANA BEACH, Calif., and VERO BEACH, Fla., Nov. 04, 2025 (GLOBE NEWSWIRE) -- Evoke Pharma, Inc. (NASDAQ: EVOK) (“Evoke”), a specialty pharmaceutical company focused primarily on treatments for gastrointestinal (GI) diseases with an emphasis on GIMOTI® (metoclopramide) nasal spray, and QOL Medical, LLC (“QOL Medical”), a privately held biopharmaceutical company specializing in treatments for GI and rare diseases, today announced that they have entered into a definitive agreement pursuant to which QOL Medical will acquire Evoke for
The transaction, expected to close by the end of 2025, reflects the strategic value of its commercial product, GIMOTI®, the first and only FDA-approved nasal spray formulation of metoclopramide for the treatment of acute and recurrent diabetic gastroparesis in adults. The purchase price represents a premium of
“Since inception, Evoke has remained singularly focused on serving the diabetic gastroparesis community by developing and delivering a new treatment option for a historically underserved population,” said Matt D’Onofrio, Founder and Chief Executive Officer of Evoke. “This transaction recognizes the importance of what we’ve built, a differentiated, patient-centered therapy with a growing commercial presence. QOL Medical brings strong commercial GI experience, manufacturing capabilities, and a commitment to continuity, making them an ideal partner for the next chapter of our mission.”
“We are excited about the strategic alignment between QOL and Evoke,” said Derick Cooper, Chief Executive Officer of QOL Medical. “Evoke has developed an innovative therapy that addresses a significant unmet need in gastrointestinal care, offering meaningful clinical benefits for patients. GIMOTI strengthens our GI portfolio and advances our mission to support patients living with rare and underserved gastrointestinal conditions.”
“With our deep experience in commercializing treatments for GI disorders, this acquisition is a natural extension of our capabilities and commitment”, Cooper added. “It enables us to build on our existing infrastructure, expand our reach among patients and healthcare providers, and further establish QOL Medical as a leader in specialty gastrointestinal care.”
Transaction Terms
Under the terms of the merger agreement, QOL Medical, through a subsidiary, will initiate a tender offer to acquire all outstanding shares of Evoke at a price of
The transaction is not subject to a financing condition and QOL Medical intends to finance the transaction using cash on hand. The transaction is expected to close in the fourth quarter of 2025, subject to the terms of the merger agreement.
Advisors
Stifel is acting as exclusive financial advisor and Latham & Watkins is serving as legal counsel to Evoke. Hill Ward Henderson is serving as legal counsel to QOL Medical.
About QOL Medical, LLC
QOL Medical is a specialty biopharmaceutical company committed to delivering solutions for rare diseases. Founded in 2003, QOL Medical focuses on improving clinical outcomes and enhancing the quality of life for patients with rare diseases through the acquisition and commercialization of orphan and gastrointestinal products in underserved markets. Learn more at www.qolmed.com.
About Evoke Pharma, Inc.
Evoke is a specialty pharmaceutical company focused primarily on the development of drugs to treat GI disorders and diseases. The company developed, commercialized and markets GIMOTI, a nasal spray formulation of metoclopramide, for the relief of symptoms associated with acute and recurrent diabetic gastroparesis in adults.
Diabetic gastroparesis is a GI disorder affecting millions of patients worldwide, in which the stomach takes too long to empty its contents resulting in serious GI symptoms as well as other systemic complications. The gastric delay caused by gastroparesis can compromise absorption of orally administered medications. Prior to FDA approval to commercially market GIMOTI, metoclopramide was only available in oral and injectable formulations and remains the only drug currently approved in the United States to treat gastroparesis.
Visit www.EvokePharma.com for more information.
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About Gimoti® (metoclopramide) nasal spray
GIMOTI is indicated for the relief of symptoms in adults with acute and recurrent diabetic gastroparesis. Important Safety Information:
WARNING: TARDIVE DYSKINESIA
- Metoclopramide can cause tardive dyskinesia (TD), a serious movement disorder that is often irreversible. The risk of developing TD increases with duration of treatment and total cumulative dosage.
- Discontinue GIMOTI in patients who develop signs or symptoms of TD. In some patients, symptoms may lessen or resolve after metoclopramide is stopped.
- Avoid treatment with metoclopramide (all dosage forms and routes of administration) for longer than 12 weeks because of the increased risk of developing TD with longer-term use.
GIMOTI is not recommended for use in:
- Pediatric patients due to the risk of developing tardive dyskinesia (TD) and other extrapyramidal symptoms as well as the risk of methemoglobinemia in neonates.
- Moderate or severe hepatic impairment (Child-Pugh B or C), moderate or severe renal impairment (creatinine clearance less than 60 mL/minute), and patients concurrently using strong CYP2D6 inhibitors due to the risk of increased drug exposure and adverse reactions.
GIMOTI is contraindicated:
- In patients with a history of tardive dyskinesia (TD) or a dystonic reaction to metoclopramide.
- When stimulation of gastrointestinal motility might be dangerous (e.g., in the presence of gastrointestinal hemorrhage mechanical obstruction, or perforation).
- In patients with pheochromocytoma or other catecholamine-releasing paragangliomas. Metoclopramide may cause a hypertensive/pheochromocytoma crisis, probably due to release of catecholamines from the tumor.
- In patients with epilepsy. Metoclopramide may increase the frequency and severity of seizures.
- In patients with hypersensitivity to metoclopramide. Reactions have included laryngeal and glossal angioedema and bronchospasm.
Potential adverse reactions associated with metoclopramide include: Tardive dyskinesia (TD), other extrapyramidal effects (EPS), parkinsonism symptoms, motor restlessness, neuroleptic malignant syndrome (NMS), depression, suicidal ideation and suicide, hypertension, fluid retention, hyperprolactinemia, effects on the ability to drive and operate machinery. Most common adverse reactions (≥
Visit www.fda.gov/medwatch or call 1-800-FDA-1088.
Additional Information and Where to Find It
The tender offer described above has not yet commenced. This communication is not an offer to buy nor a solicitation of an offer to sell any securities of Evoke. The solicitation and the offer to buy shares of Evoke’s common stock will only be made pursuant to a tender offer statement on Schedule TO, including an offer to purchase, a letter of transmittal and other related materials that QOL Medical and its acquisition subsidiary (“Merger Sub”) intend to file with the U.S. Securities and Exchange Commission (“SEC”). In addition, Evoke will file with the SEC a Solicitation/Recommendation Statement on Schedule 14D-9 with respect to the tender offer. Once filed, investors will be able to obtain a free copy of these materials and other documents filed by QOL Medical, Merger Sub and Evoke with the SEC at the website maintained by the SEC at www.sec.gov. Investors may also obtain, at no charge, any such documents filed with or furnished to the SEC by Evoke on Evoke’s website at https://evokepharma.com/. INVESTORS AND SECURITY HOLDERS ARE ADVISED TO READ THESE DOCUMENTS WHEN THEY BECOME AVAILABLE, INCLUDING THE TENDER OFFER MATERIALS OF QOL MEDICAL AND MERGER SUB AND THE SOLICITATION/RECOMMENDATION STATEMENT OF EVOKE, IN EACH CASE INCLUDING ANY AMENDMENTS THERETO, AS WELL AS ANY OTHER DOCUMENTS RELATING TO THE TENDER OFFER AND THE MERGER THAT ARE FILED WITH THE SEC, CAREFULLY AND IN THEIR ENTIRETY PRIOR TO MAKING ANY DECISIONS WITH RESPECT TO WHETHER TO TENDER THEIR SHARES INTO THE TENDER OFFER BECAUSE THEY CONTAIN IMPORTANT INFORMATION, INCLUDING THE TERMS AND CONDITIONS OF THE TENDER OFFER.
Forward-Looking Statements
Evoke, QOL Medical and Merger Sub caution you that statements included in this press release that are not a description of historical facts are forward-looking statements. In some cases, you can identify forward-looking statements by terms such as “may,” “will,” “should,” “expect,” “plan,” “anticipate,” “could,” “intend,” “target,” “project,” “contemplates,” “believes,” “estimates,” “predicts,” “potential” or “continue” or the negatives of these terms or other similar expressions. The forward-looking statements are based on the parties’ current beliefs and expectations and include, but are not limited to: statements regarding the planned completion of the transactions contemplated by the Agreement and Plan of Merger, dated as of November 3, 2025 (the “Merger Agreement”) and the timing thereof; expectations regarding the benefits sought to be achieved in the transactions; the continued commercial availability of GIMOTI; the continuation of Evoke’s partnership with Eversana; and QOL Medical’s strategic vision. The inclusion of forward-looking statements should not be regarded as a representation by Evoke, QOL Medical or Merger Sub that any of their respective plans will be achieved. Actual results may differ from those set forth in this press release due to the risks and uncertainties inherent in Evoke’s and QOL Medical’s businesses and the proposed transactions, including, without limitation: uncertainties as to the timing and completion of the tender offer and the merger; uncertainties as to the percentage of Evoke stockholders tendering their shares in the tender offer; the possibility that competing offers will be made; the possibility that various closing conditions for the tender offer or the merger may not be satisfied or waived; the effects of disruption caused by the transaction making it more difficult to maintain relationships with employees, collaborators, vendors and other business partners; risks related to diverting management’s attention from the parties’ ongoing business operations; the risk that stockholder litigation in connection with the transactions contemplated by the Merger Agreement may result in significant costs of defense, indemnification and liability; potential changes in QOL Medical’s strategic vision; and other risks and uncertainties pertaining to Evoke’s business, including the risks and uncertainties detailed in Evoke’s prior press releases and in the periodic reports it files with the SEC, as well as the tender offer materials to be filed by QOL Medical and Merger Sub and the Solicitation/Recommendation Statement to be filed by Evoke in connection with the tender offer.
You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement and none of Evoke, QOL Medical or Merger Sub undertake any obligation to revise or update these statements to reflect events or circumstances after the date hereof, except as required by law. This caution is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.
Investor & Media Contact for Evoke Pharma:
Daniel Kontoh-Boateng
DKB Partners
Tel: 862-213-1398
dboateng@dkbpartners.net
Investor & Media Contact for QOL Medical:
Chelsea King
QOL Medical, LLC
Tel: 866-469-3773 x1091
cking@qolmed.com
FAQ
What price is QOL Medical paying for Evoke (EVOK) and what is the premium?
When is the Evoke (EVOK) acquisition expected to close?
How will Evoke shareholders be paid if the QOL tender offer succeeds?
Is the QOL Medical acquisition of Evoke (EVOK) conditional on financing?
What product does Evoke bring to QOL Medical and why is it strategic?
Who advised Evoke on the transaction announced Nov 4, 2025?
