(Bloomberg) -- Halozyme Therapeutics Inc. plans to finance its €2 billion ($2.1 billion) proposed takeover of Germany’s Evotec SE in cash, according to Chief Executive Officer Helen Torley. 

“We feel confident in being able to fund this as a fully cash deal,” Torley said in an interview. “Equity will not be used. As we take on some debt, our strong cash flow will be able to bring us down to two times leverage very rapidly” after the deal closes, she said. 

Halozyme’s stock fell more than 15% Friday after it publicly revealed it had submitted a non-binding proposal to buy Evotec for €11 per share. The drop was partially due to investor concern that the possible deal would be funded with equity and thus dilutive to shareholders. 

Halozyme, based in San Diego, plans to fund a portion of the offer with some of the roughly $600 million of cash on its balance sheet and the rest with debt, Torley said. The firm is currently finalizing the structure of the debt financing with potential bank lenders, she said.

Evotec helps drug companies decide which molecules to take forward into development and also helps with manufacturing of medicines. Interest in the company has been heating up amid a 59% drop in its stock price this year through Thursday. Private equity firm Triton Partners recently revealed it had built up a stake in Evotec and has also been considering a takeover bid, Bloomberg News has reported.

Halozyme develops auto-injector devices and has proprietary technology that makes it easier and quicker to inject high volume drugs into patients. Big pharmaceutical players including Johnson & Johnson and Bristol Myers Squibb Co. partner with Halozyme to help administer their cutting-edge drugs.

“We see this as being a great way to add to Halozyme’s already robust revenue growth story,” Torley said. “We’ve got the drug delivery — this would bring drug discovery and manufacturing.”

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