HALO +6.25 to 51.95 in premarket after withdrawal of the takeover bid -
SAN DIEGO, Nov. 22, 2024 /PRNewswire/ -- Halozyme Therapeutics, Inc. (NASDAQ: HALO) ("Halozyme" or the "Company") today announced it has withdrawn its non-binding proposal to acquire Evotec SE (NASDAQ: EVO) ("Evotec") for €11.00 per share in cash, implying a fully diluted equity value of €2.0 billion.
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 €11.00 per share in cash.
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 $1 billion of royalty revenue in 2027, continuing to deliver tremendous value for all stakeholders. We reiterate our recently raised 2024 guidance for revenue of $970-$1,020 million and adjusted EBITDA of $595-$625 million, representing significant double-digit growth, as we maintain strong momentum entering 2025."
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