Halozyme Therapeutics, Inc. (NASDAQ:HALO) saw its shares rise on Friday after the company announced it was withdrawing its proposal to acquire Evotec SE (NASDAQ:EVO) for 11 euro ($11.44) per share in cash, implying a fully diluted equity value of 2.0 billion euro.

This move comes after prolonged efforts to engage with Evotec, which expressed its desire to remain independent, Halozyme said.

In addition to this, Halozyme reaffirmed its strong business outlook, with its 2024 guidance signaling continued growth.

The company expects revenue between $970 million and $1.02 billion ($1.003 billion) and an adjusted EBITDA range of $595 million to $625 million, reflecting significant double-digit growth.

Halozyme is confident in its ability to execute its strategy, with the goal of achieving ten approved products with ENHANZE by 2025 and $1 billion in royalty revenue by 2027.

Also Read: US Business Activity Soars To 31-Month Highs In November: Small Caps Rally, Dow Tops 44,000

Helen Torley, CEO of Halozyme, explained that although the merger would have created a leading global pharma services company, Evotec was not open to further discussions.

Halozyme’s efforts to engage with Evotec’s leadership, including multiple requests for meetings, were unsuccessful, leading to the decision to withdraw the offer.

“A company spokesperson has publicly commented that its goal is to remain an independent company,” said Helen Torley, president and chief executive officer of Halozyme regarding Evotec, adding that “our multiple requests to meet were not accepted”.

“Evotec has taken notice of the statement made by Halozyme Therapeutics Inc. on 22 November, stating that it has withdrawn its non-binding proposal to acquire Evotec for EUR11.00 per share in cash,” Evotec said in a response.

Price Action: HALO shares are trading higher by 6.21% to $48.54 at last check Friday, while EVO shares are down 18.8% to $4.345.

Photo via Shutterstock

Read Next:

• 2025 US Economy Outlook’ Cloudier Than Normal,’ JPMorgan Says: Boom, Bust Scenarios

Up Next: Transform your trading with Benzinga Edge's one-of-a-kind market trade ideas and tools. Click now to access unique insights that can set you ahead in today's competitive market.

Get the latest stock analysis from Benzinga?

• EVOTEC (EVO): Free Stock Analysis Report
• HALOZYME THERAPEUTICS (HALO): Free Stock Analysis Report

This article Halozyme Withdraws Evotec Bid After Rebuff, Reaffirms Strong Growth Outlook originally appeared on Benzinga.com

© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.