Halozyme Withdraws Proposal to Acquire Evotec Following Evotec's Unwillingness to Engage in Discussions
Halozyme Therapeutics (NASDAQ: HALO) has withdrawn its non-binding proposal to acquire Evotec SE (NASDAQ: EVO) for €11.00 per share in cash, which valued Evotec at €2.0 billion.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 Therapeutics (NASDAQ: HALO) ha ritirato la sua proposta non vincolante di acquisire Evotec SE (NASDAQ: EVO) per €11,00 per azione in contante, il che valutava Evotec a €2,0 miliardi. Il ritiro arriva dopo l'incapacità di Evotec di impegnarsi in discussioni riguardo alla potenziale combinazione. Nonostante i tentativi di Halozyme di interagire con la leadership di Evotec, comprese discussioni informali con un membro del Consiglio di Sorveglianza, le loro richieste non sono state accolte. Halozyme mantiene le sue proiezioni per il 2024 con un fatturato di 970-1.020 milioni di dollari e un EBITDA rettificato di 595-625 milioni di dollari, e prevede 10 prodotti approvati con ENHANZE® entro il 2025 e 1 miliardo di dollari in entrate royalty entro il 2027.
Halozyme Therapeutics (NASDAQ: HALO) ha retirado su propuesta no vinculante para adquirir Evotec SE (NASDAQ: EVO) por €11,00 por acción en efectivo, lo que valoraba a Evotec en €2,0 mil millones. El retiro se produce tras la negativa de Evotec a participar en discusiones sobre la posible combinación. A pesar de los intentos de Halozyme de interactuar con la dirección de Evotec, incluidas discusiones informales con un miembro del Consejo de Supervisión, sus solicitudes no fueron aceptadas. Halozyme mantiene su guía para 2024 con ingresos de 970 a 1,020 millones de dólares y un EBITDA ajustado de 595 a 625 millones de dólares, y projeta 10 productos aprobados con ENHANZE® para 2025 y 1 mil millones de dólares en ingresos por regalías para 2027.
Halozyme Therapeutics (NASDAQ: HALO)는 Evotec SE (NASDAQ: EVO)를 주당 €11.00 현금으로 인수하겠다는 비구속 제안을 철회했습니다. 이는 Evotec의 가치를 €2.0억으로 평가하는 것이었습니다. 철회는 Evotec이 논의에 참여하지 않겠다는 의사를 밝힌 후 이루어졌습니다. Halozyme가 Evotec 경영진과의 비공식적인 대화를 포함한 소통을 시도했음에도 불구하고, 그들의 요청은 받아들여지지 않았습니다. Halozyme는 2024년도 가이드라인을 유지하며, 9억70~10억20만 달러의 수익과 5억95~6억25만 달러의 조정 EBITDA를 예상하고 있으며, 2025년까지 ENHANZE®와 함께 승인된 10개의 제품을 프로젝트하고 2027년까지 10억 달러의 로열티 수익을 예상하고 있습니다.
Halozyme Therapeutics (NASDAQ: HALO) a retiré sa proposition non contraignante d'acquisition d'Evotec SE (NASDAQ: EVO) pour 11,00 € par action en espèces, ce qui valorisait Evotec à 2,0 milliards €. Le retrait intervient après le refus d'Evotec de s'engager dans des discussions concernant la combinaison potentielle. Malgré les tentatives de Halozyme de s'engager avec la direction d'Evotec, y compris des discussions informelles avec un membre du conseil de surveillance, leurs demandes n'ont pas été acceptées. Halozyme maintient sa prévision pour 2024 avec des revenus de 970 à 1 020 millions de dollars et un EBITDA ajusté de 595 à 625 millions de dollars, et prévoit 10 produits approuvés avec ENHANZE® d'ici 2025 et 1 milliard de dollars de revenus de redevances d'ici 2027.
Halozyme Therapeutics (NASDAQ: HALO) hat seinen nicht verbindlichen Vorschlag zur Übernahme von Evotec SE (NASDAQ: EVO) für 11,00 € pro Aktie in bar zurückgezogen, was Evotec mit 2,0 Milliarden € bewertete. Der Rückzug erfolgt nach Evotecs Unwilligkeit, sich an Gesprächen zu beteiligen über eine potenzielle Kombination. Trotz von Halozymes Versuchen, mit der Evotec-Führung in Kontakt zu treten, einschließlich informeller Gespräche mit einem Mitglied des Aufsichtsrats, wurden ihre Anfragen nicht angenommen. Halozyme hält an seiner 2024-Prognose mit einem Umsatz von 970 bis 1.020 Millionen Dollar und einem bereinigten EBITDA von 595 bis 625 Millionen Dollar fest und plant 10 genehmigte Produkte mit ENHANZE® bis 2025 sowie 1 Milliarde Dollar an Lizenzgebühren bis 2027.
- Strong 2024 financial guidance with revenue of $970-$1,020 million
- Projected adjusted EBITDA of $595-$625 million for 2024
- Expected $1 billion in royalty revenue by 2027
- Pipeline expansion to 10 approved ENHANZE® products by 2025
- Failed acquisition attempt of Evotec SE
- Unable to execute strategic expansion through proposed €2.0 billion acquisition
Insights
The withdrawal of Halozyme's
- The all-cash offer of
€11.00 per share appeared reasonable but faced strong resistance from Evotec's management - Halozyme's robust financial outlook remains intact with projected 2024 revenue of
$970-$1,020 million and adjusted EBITDA of$595-$625 million - The company maintains its trajectory toward 10 approved ENHANZE® products by 2025 and
$1 billion in royalty revenue by 2027
While the failed acquisition attempt may temporarily impact market sentiment, Halozyme's strong fundamentals and clear growth strategy suggest minimal long-term impact on the company's value proposition. The focus now returns to organic growth and existing partnerships.
Helen Torley, president and chief executive officer of Halozyme, shared the following statement:
"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. However, to date, Evotec has been unwilling to engage with us to explore a potential combination and a company spokesperson has publicly commented that its goal is to remain an independent company. As a result, we are withdrawing our proposal to acquire Evotec for
In the months leading to our proposal, we engaged in extensive external diligence, and we sought to engage with Evotec in a discussion about our vision and the benefits for the combination. Early on, we had informal discussions with a member of the Supervisory Board and communicated our interest in exploring a potential business combination. Subsequently, we sought to earnestly engage Evotec's Chairwoman of the Supervisory Board on Halozyme's vision, and our thoughts as to the many benefits of the transaction; regrettably, our multiple requests to meet were not accepted. Thus, a formal bona fide proposal to the CEO was the only way to convey that our interest in exploring a potential transaction was strong, credible and well informed. It has now become evident that there is no interest at this time on the part of Evotec's Supervisory and Management Boards to engage constructively with Halozyme and explore a potential transaction.
We will continue advancing our mission to improve the patient treatment experience and we are confident in Halozyme's future. We believe that we are well-positioned to execute our existing strategy with clear line of sight to 10 approved products with ENHANZE® in 2025 and
For more information about Halozyme, its strategy, financials and capital allocation priorities, please visit https://ir.halozyme.com/overview/default.aspx.
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 expected future financial performance (including the Company's financial outlook for 2024) and expectations for future growth, product approvals, profitability, total revenue, royalty revenue and adjusted EBITDA. Forward-looking statements regarding the Company's ENHANZE® drug delivery technology may include the possible benefits and attributes of ENHANZE®, its potential application to aid in the dispersion and absorption of other injected therapeutic drugs and facilitating more rapid delivery and administration of higher volumes of injectable medications through subcutaneous delivery. These forward-looking statements are typically, but not always, identified through use of the words "expect," "believe," "enable," "may," "will," "could," "can," "durable," "growth," "innovate," "potential," "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 unexpected levels of revenues, expenditures and costs, unexpected results or delays in the growth of the Company's business, or in the development, regulatory review or commercialization of the Company'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.
Non-GAAP Financial Measures:
These materials contain certain non-GAAP financial measures and projections, including Adjusted EBITDA, which is and expectations of regarding such measure, which is in addition to, and not a substitute for, or superior to, financial measures calculated in accordance with GAAP. The Company does not provide reconciliations for forward-looking adjusted measures to GAAP due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliation.
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.
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