Halozyme Withdraws Proposal to Acquire Evotec Following Evotec's Unwillingness to Engage in Discussions

Core Viewpoint - Halozyme Therapeutics has withdrawn its non-binding proposal to acquire Evotec SE for €11.00 per share, which would have implied a fully diluted equity value of €2.0 billion, due to Evotec's unwillingness to engage in discussions about a potential combination [1][2]. Group 1: Acquisition Proposal - Halozyme's CEO stated that a combination with Evotec would create a leading global pharma services company, benefiting shareholders, patients, and employees [2]. - Despite extensive external diligence and attempts to engage with Evotec's management, Halozyme faced repeated refusals to discuss the potential transaction [3]. - The formal proposal was made to convey strong interest in exploring a transaction, but it became clear that Evotec's boards were not interested in constructive engagement [3]. Group 2: Company Outlook - Halozyme remains focused on improving patient treatment experiences and is confident in its future, with a strategy aimed at achieving 10 approved products with ENHANZE® by 2025 and $1 billion in royalty revenue by 2027 [4]. - The company has reiterated its 2024 revenue guidance of $970-$1,020 million and adjusted EBITDA of $595-$625 million, indicating significant double-digit growth [4]. Group 3: Company Profile - Halozyme is a biopharmaceutical company known for its ENHANZE® drug delivery technology, which facilitates subcutaneous delivery of drugs, improving patient experience [5]. - The company has impacted over 800,000 patients through its commercialized products and has partnered with major pharmaceutical companies like Roche, Takeda, and Pfizer [5]. - Halozyme also develops drug-device combination products aimed at enhancing patient comfort and adherence [6].