Biotech firm Halozyme aims to expand its offerings to big pharma partners through a proposed €2 billion acquisition of drug discovery company Evotec. Evotec has experienced setbacks, including a cyberattack and exiting the gene therapy business. Halozyme offered €11 per share, a 109% premium to Evotec’s stock price before a private equity firm began accumulating shares. Evotec provides drug discovery tools and manufacturing services to companies like Bristol Myers Squibb and Novartis. Halozyme’s Enhanze technology enables quicker administration of biologic drugs. With higher revenue, Halozyme sees potential in acquiring Evotec as market conditions improve. Evotec is considering the offer and next steps.
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Halozyme Makes Unsolicited €2B Takeover Bid for Drug R&D Services Firm Evotec
