By Sabela Ojea
Halozyme Therapeutics submitted a bid to acquire German drug developer Evotec in a deal with an equity value of 2 billion euros ($2.11 billion.)
The San Diego-based biopharmaceutical company on Thursday said it is proposing to acquire competitor Evotec for EUR11 per share, representing a 109% premium to its share price on Oct. 15, the day prior to a report on Triton Partners' stake in Evotec.
Halozyme Chief Executive Helen Torley said the acquisition would create a U.S., European innovative services company that would accelerate the discovery and development of a diverse pipeline of treatments.
The company added that the takeover wouldn't be subject to any financing contingency, as it has significant cash reserves on-hand and a strong balance sheet.
Halozyme's M&A disclosure came shortly after Bloomberg reported earlier this week that Triton Partners was considering a takeover bid for Evotec, citing people familiar with the matter.
Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix
(END) Dow Jones Newswires
November 14, 2024 17:20 ET (22:20 GMT)
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