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Halozyme Bid For Evotec Does Not Look High Enough

 
• By Kevin Grogan

The US firm wants to hook up with the German group to create a global innovative services company but its €11.00 per share cash offer looks unlikely to sway Evotec shareholders.

Blue arrow on wooden hexagons, adding expanding concept
Halozyme looking to expand • Source: Shutterstock

Shares in Germany’s Evotec are on the rise thanks to an unsolicited takeover bid from Halozyme Therapeutics but the size of the offer – around €2.00bn ($2.12bn) – suggests that any potential deal is some way off.

The US drug delivery specialist has submitted a proposal to acquire Evotec for €11.00 per share in cash, which represents a premium of 77% over its three-month average price and a 109% premium to the Hamburg-headquartered group’s “undisturbed share price” on 15 October

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