Halozyme Therapeutics (HALO) said Thursday it has made a non-binding proposal to buy Germany-based Evotec (EVO) for 11 euros ($11.58) per share in cash for a fully diluted equity value of 2 billion euros.

The proposal represents a premium of 109% to Evotec's share price on Oct. 15, the day before Triton Partners increased its stake in the company.

Halozyme shares were falling 3.6% in recent after-hours activity, while Evotec shares jumped nearly 11%.

Halozyme said it has "significant cash reserves on-hand and a strong balance sheet."

Closing of the deal wouldn't be subject to any financing contingency and would meet the requirements of German financial regulator BaFin regarding the financing, Halozyme said.

"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 Halozyme Chief Executive Helen Torley.