Investing.com - Shares of Halozyme Therapeutics (NASDAQ:HALO) surged 12% at $51.2 before the opening bell on Friday after the company withdrew its €2 billion ($2.10 billion) proposal to acquire German drug developer Evotec.
Earlier this month, Halozyme had offered €11 per share in cash to acquire Evotec, aiming to expand its drug discovery and development portfolio.
Halozyme in a statement release on Friday said it was scrapping its plans of acquisition due to its Evotec’s unwillingness to engage in discussions.
“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,” said Helen Torley, CEO
Halozyme disclosed that it had conducted extensive external due diligence in the months leading up to its proposal. The company also held informal discussions with a member of Evotec's supervisory board, where it expressed interest in a potential business combination.
Halozyme said it had repeatedly sought to engage with Evotec’s chairwoman to discuss its vision and the benefits of the proposed deal. However, these requests were not accepted.
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