Halozyme Therapeutics Ends Pursuit of Evotec

Dow Jones

2024-11-22

By Denny Jacob

Halozyme Therapeutics said it was ending an effort to acquire German drug developer Evotec.

Halozyme Chief Executive Helen Torley said Friday that Evotec has been unwilling to engage with the company on a potential deal, leading the biopharmaceutical company to withdraw its proposal.

San Diego-based Halozyme last week made a non-binding proposal to acquire Evotec for 11 euros a share in cash that put the deal's valuation around 2 billion euros ($2.09 billion). Evotec would go on to confirm the takeover offer.

Shares of Halozyme jumped 12% to $51.32 in premarket trading Friday, while American depositary receipts of Evotec tumbled 14% to $4.60.

Write to Denny Jacob at denny.jacob@wsj.com

(END) Dow Jones Newswires

November 22, 2024 09:07 ET (14:07 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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