Business
Halozyme Provides Update on Non-Binding Proposal to Combine with Evotec
Would establish an innovative pharma services company with capabilities spanning drug discovery and development, biologic manufacturing and drug delivery
About this update from Halozyme Therapeutics, Inc.
[{"type":"text","content":"Would establish an innovative pharma services company with capabilities spanning drug discovery and development, biologic manufacturing and drug delivery technologies\nWould meaningfully diversify, scale and extend Halozyme's revenue and adjusted EBITDA well into the next decade and beyond\nAll-cash transaction would be funded by cash on hand and new debt with expected pro forma net leverage less than 2x two years post close \nSAN DIEGO, Nov. 18, 2024 /PRNewswire/ -- Halozyme Therapeutics, Inc. (NASDAQ: HALO) (\"Halozyme\" or the \"Company\") today provided an update on its non-binding proposal to acquire Evotec SE (NASDAQ: EVO) (\"Evotec\") for €11.00 per share in cash, implying a fully diluted equity value of €2.0 billion. In a presentation posted on its investor relations website, Halozyme highlights how its proposed combination with Evotec would create a leading global innovative pharma services company that would deliver significant value to all stakeholders.\nThe presentation highlights include:\nThe acquisition of Evotec would be a logical extension and diversification of Halozyme's business, and is aligned with Halozyme's M&A criteria:\nDe-risked business: Evotec has a large, diverse revenue base with expected future revenue and margin expansion opportunities.Structurally similar business model: Evotec has a proprietary and innovative platform of technologies in drug discovery, development and biologic manufacturing.Strong biopharma partnerships: Evotec partners with more than 500 biopharma companies globally.Potential for durable long-term revenue growth: Evotec has platform opportunities and a pipeline that would be additive to future potential revenue streams.The combination would create a unique B2B global innovative pharma services company with complementary and leverageable platforms and cross-selling opportunities:\nDrug discovery: Evotec's Shared R&D platform is an established and comprehensive continuum of innovative discovery platform tools with a strong track record of success and more than 500 partners and 140+ partnered and unpartnered asset opportunities.Continuous biologics manufacturing: Just – Evotec Biologics is a pioneer in end-to-end continuous manufacturing, a breakthrough biologic manufacturing capability with 10 products in late-stage development and clinical manufacturing and more than 50 products...