Halozyme Confirms Proposal to Combine with Evotec for €11.00 Per Share in an All-Cash Transaction
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.
Halozyme (NASDAQ: HALO) ha presentato una proposta non vincolante per acquisire Evotec SE (NASDAQ: EVO) per €11,00 per azione in contante, valutando l'azienda a €2,0 miliardi. L'offerta rappresenta un premio del 109% rispetto al prezzo delle azioni di Evotec del 15 ottobre 2024 e un premio del 77% rispetto al suo prezzo medio ponderato per volume degli ultimi tre mesi.
La combinazione proposta mira a creare un'azienda globale di servizi innovativi, integrando la piattaforma di scoperta di farmaci di Evotec e le capacità di produzione di Just – Evotec Biologics con la tecnologia ENHANZE® di Halozyme. La fusione diversificherebbe e amplierebbe la crescita dei ricavi e dell'EBITDA di Halozyme ben oltre il prossimo decennio, senza necessità di finanziamenti per la transazione.
Halozyme (NASDAQ: HALO) ha presentado una propuesta no vinculante para adquirir Evotec SE (NASDAQ: EVO) por €11,00 por acción en efectivo, valorando a la empresa en €2,0 mil millones. La oferta representa una prima del 109% sobre el precio de las acciones de Evotec del 15 de octubre de 2024, y una prima del 77% sobre su precio promedio ponderado por volumen de los últimos tres meses.
La combinación propuesta tiene como objetivo crear una empresa global de servicios innovadores, integrando la plataforma de descubrimiento de fármacos de Evotec y las capacidades de fabricación de Just – Evotec Biologics con la tecnología ENHANZE® de Halozyme. La fusión diversificaría y ampliaría el crecimiento de los ingresos y EBITDA de Halozyme bien entrado el próximo decenio, sin necesidad de contingencias de financiamiento para la transacción.
Halozyme (NASDAQ: HALO)는 현금으로 주당 €11.00에 Evotec SE (NASDAQ: EVO)를 인수하기 위한 비구속 제안을 제출하였으며, 이로 인해 회사 가치는 €2.0억으로 평가됩니다. 이 제안은 2024년 10월 15일 Evotec의 주가에 비해 109%의 프리미엄을 나타내며, 최근 3개월간의 거래량 가중 평균 가격에 비해 77%의 프리미엄을 제공합니다.
제안된 조합은 Evotec의 신약 발견 플랫폼과 Just – Evotec Biologics의 제조 능력을 Halozyme의 ENHANZE® 기술과 통합하여 글로벌 혁신 서비스 회사를 만드는 것을 목표로 합니다. 이 합병은 Halozyme의 수익 및 EBITDA 성장 범위를 다음 10년 이상으로 다양화하고 연장하며, 거래에 대한 자금 조달 조건이 필요하지 않습니다.
Halozyme (NASDAQ: HALO) a soumis une proposition non contraignante pour acquérir Evotec SE (NASDAQ: EVO) pour 11,00 € par action en espèces, évaluant l'entreprise à 2,0 milliards €. L'offre représente une prime de 109 % par rapport au prix de l'action d'Evotec au 15 octobre 2024 et une prime de 77 % par rapport à son prix moyen pondéré par le volume des trois derniers mois.
La combinaison proposée vise à créer une entreprise de services innovants à l'échelle mondiale, intégrant la plateforme de découverte de médicaments d'Evotec et les capacités de fabrication de Just – Evotec Biologics avec la technologie ENHANZE® de Halozyme. La fusion diversifierait et prolongerait la croissance des revenus et de l'EBITDA de Halozyme jusqu'au prochain decade, sans qu'aucune condition de financement ne soit requise pour la transaction.
Halozyme (NASDAQ: HALO) hat ein unverbindliches Angebot zur Übernahme von Evotec SE (NASDAQ: EVO) für 11,00 € pro Aktie in bar unterbreitet, was das Unternehmen mit 2,0 Milliarden € bewertet. Das Angebot stellt eine Prämie von 109 % auf den Aktienpreis von Evotec am 15. Oktober 2024 dar und eine Prämie von 77 % auf den volumengewichteten Durchschnittspreis der letzten drei Monate.
Die vorgeschlagene Kombination zielt darauf ab, ein globales innovatives Dienstleistungsunternehmen zu schaffen, das Evotecs Plattform zur Arzneimittelentdeckung und die Fertigungskapazitäten von Just – Evotec Biologics mit der ENHANZE®-Technologie von Halozyme integriert. Die Fusion würde das Umsatz- und EBITDA-Wachstum von Halozyme weit über das nächste Jahrzehnt hinaus diversifizieren und erweitern, ohne dass eine Finanzierungsbedingung für die Transaktion erforderlich ist.
- Significant premium offered: 109% above Evotec's undisturbed share price
- Transaction fully backed by Halozyme's cash reserves and strong balance sheet
- Expected to diversify and extend revenue and EBITDA growth
- Strategic expansion into biologics manufacturing and drug discovery platforms
- Potential for expanded partnership opportunities with broader technology offerings
- Non-binding proposal indicates uncertainty in deal completion
- Large cash outlay of €2.0 billion could impact Halozyme's financial flexibility
Insights
This proposed acquisition represents a significant strategic move for Halozyme, offering a
The deal structure appears solid with Halozyme's confirmed cash reserves and no financing contingency, reducing execution risk. The merger would significantly diversify Halozyme's revenue streams and enhance its EBITDA growth potential. Key value drivers include:
- Integration of complementary biological platforms
- Expanded geographic presence across US and Europe
- Enhanced drug discovery capabilities
- Improved manufacturing capabilities for biologics
The strategic rationale for this acquisition is compelling from a technological perspective. The combination would create a powerhouse in biologics development and delivery, merging Halozyme's ENHANZE® platform with Evotec's Just Biologics manufacturing capabilities. This integration could significantly reduce the cost of biological drug production while improving delivery mechanisms.
The merger would position the combined entity as a more comprehensive partner for pharmaceutical companies, offering end-to-end solutions from drug discovery through delivery. The emphasis on making Evotec's platform the Center of Excellence for drug discovery suggests a well-thought-out integration strategy that could accelerate innovation in the biologics space.
Combination Would Create a Global Innovative Services Company with a Unique Set of Differentiated Technologies, a Deep Pipeline, and Best-in-class Industry Team
"The combination of Halozyme and Evotec would diversify and extend Halozyme revenue and EBITDA growth and durability well into the next decade and beyond," said Helen Torley, president and chief executive officer of Halozyme. "I am excited about the potential to bring together best-in-class innovative technologies and both organizations' capabilities to create a pan
Halozyme believes that the proposed combination would create a global innovative services company with:
- Innovation Driven Platform: Evotec's drug discovery platform would become the Center of Excellence within Halozyme for all drug discovery business.
- Expanded Biologic Platforms: Just – Evotec Biologics, a fast-growing, best-in-class biologic manufacturing platform with the potential to expand the worldwide supply of biologic products more affordably, would complement Halozyme's ENHANZE® drug delivery technology for large volume biologics.
- Accelerated Growth: Halozyme's strong cash generation would support continued reinvestment into Evotec's earlier stage programs and new technologies. Additionally, Halozyme's proven track record of translating innovative technologies into businesses that improve patients' outcomes would result in an opportunity to accelerate the development of new treatments.
- Compelling Financial Upside: The combination would be expected to meaningfully diversify, scale and extend Halozyme revenue and EBITDA well into the next decade and later. The diversified technology offerings of the proposed combination would create opportunities to expand programs with a broader set of partners.
Halozyme has significant cash reserves on-hand and a strong balance sheet. Closing of the transaction would not be subject to any financing contingency and would meet the requirements of BaFin in relation to financing of an offer.
Advisors
Centerview Partners is serving as Halozyme's financial advisor and Weil, Gotshal & Manges LLP, as legal advisor.
About Halozyme
Halozyme is a biopharmaceutical company advancing disruptive solutions to improve patient experiences and outcomes for emerging and established therapies. As the innovators of ENHANZE® drug delivery technology with the proprietary enzyme rHuPH20, Halozyme's commercially-validated solution is used to facilitate the subcutaneous delivery of injected drugs and fluids, with the goal of improving the patient experience with rapid subcutaneous delivery and reduced treatment burden. Having touched more than 800,000 patient lives in post-marketing use in eight commercialized products across more than 100 global markets, Halozyme has licensed its ENHANZE® technology to leading pharmaceutical and biotechnology companies including Roche, Takeda, Pfizer, Janssen, AbbVie, Eli Lilly, Bristol-Myers Squibb, argenx, ViiV Healthcare, Chugai Pharmaceutical and Acumen Pharmaceuticals.
Halozyme also develops, manufactures and commercializes, for itself or with partners, drug-device combination products using its advanced auto-injector technologies that are designed to provide commercial or functional advantages such as improved convenience, reliability and tolerability, and enhanced patient comfort and adherence. The Company has two commercial proprietary products, Hylenex® and XYOSTED®, partnered commercial products and ongoing product development programs with Teva Pharmaceuticals and Idorsia Pharmaceuticals.
Halozyme is headquartered in
For more information visit www.halozyme.com and connect with us on LinkedIn and Twitter.
Forward-Looking Statements
In addition to historical information, the statements set forth in this press release include forward-looking statements including, without limitation, statements concerning the Company's future plans, objectives, expectations and intentions relating to a potential transaction concerning Evotec, such potential transaction's expected impact and contributions to the Company's and the combined group's operations and financial results, the financing and closing of such potential transaction, as well as the expected timing and benefits of such potential transaction, the Company's and Evotec's future product development and regulatory events and goals, product collaborations, the Company's business intentions and financial statements and anticipated results. These forward-looking statements are typically, but not always, identified through use of the words "expect," "believe," "enable," "may," "will," "could," "intends," "estimate," "anticipate," "plan," "predict," "probable," "potential," "possible," "should," "continue," and other words of similar meaning and involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Actual results could differ materially from the expectations contained in these forward-looking statements as a result of several factors, including uncertainties concerning future matters such as market conditions, changes in domestic and foreign business changes in the competitive environment in which the Company and Evotec operate, discussions with Evotec and its board of directors, and financing a potential transaction, inability of the parties to successfully or timely enter into or consummate a transaction, including the risk that any required regulatory approvals are not obtained, are delayed or are subject to unanticipated conditions that could adversely affect the combined group or the expected benefits of a transaction, unexpected levels of the combined group's revenues, expenditures and costs, unexpected results or delays in the growth of the combined group's business, or in the development, regulatory review or commercialization of the combined group's partnered or proprietary products, regulatory approval requirements, unexpected adverse events or patient outcomes and competitive conditions. These and other factors that may result in differences are discussed in greater detail in the Company's most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission. Except as required by law, the Company undertakes no duty to update forward-looking statements to reflect events after the date of this release.
Halozyme Contacts
Investors
Tram Bui
Halozyme VP, Investor Relations and Corporate Communications
609-359-3016
tbui@halozyme.com
Andrea Calise
Teneo
917-826-3804
andrea.calise@teneo.com
Christina Coronios
Teneo
646-531-2882
christina.coronios@teneo.com
German Media
Felix Schoenauer
Teneo
+49 69 867906054
Press-halo@teneo.com
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SOURCE Halozyme Therapeutics, Inc.
FAQ
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