Atezolizumab/Hyaluronidase-tqjs

Halozyme Therapeutics said Friday that it has pulled its proposal to buy Evotec, a struggling German biotech that Halozyme said was “unwilling to engage” in deal talks. Last week, San Diego-based Halozyme said it wanted to buy Evotec for €11.00 per share in cash, which would give it an equity value of €2 billion ($2.1 billion). At the time, the announcement boosted Evotec’s shares, which have lost most of their value since a 2021 peak. “We continue to believe that a combination of Halozyme and Evotec would create a leading, differentiated, global pharma services company, benefiting shareholders, patients and employees,” Halozyme CEO Helen Torley said in a statement. “However, to date, Evotec has been unwilling to engage with us to explore a potential combination and a company spokesperson has publicly commented that its goal is to remain an independent company.” Evotec’s shares dropped about 19% and Halozyme’s rose more than 3% Friday after the update. Halozyme makes drug delivery technology and has helped turn big-name medicines into subcutaneous formulations, including Roche’s Tecentriq Hybreza, Bristol Myers Squibb’s Opdivo and argenx’s Vyvgart Hytrulo. Evotec has more than 140 partnered assets, according to Jefferies analysts. Its manufacturing unit, Just – Evotec Biologics, has lined up partnerships with biosimilars company Sandoz and the US Department of Defense. Evotec has about 10 times as many employees as Halozyme, according to headcount figures from Leerink Partners analysts. Halozyme said it conducted “extensive external diligence” in the months prior to its proposal and wanted to engage with Evotec. They had informal discussions with a supervisory board member but said its multiple requests to meet with Evotec’s supervisory board chair were “not accepted.” So instead it went to Evotec’s CEO, Halozyme said. “It has now become evident that there is no interest at this time on the part of Evotec’s Supervisory and Management Boards to engage constructively with Halozyme and explore a potential transaction.” An Evotec spokesperson didn’t immediately respond to an Endpoints News inquiry. Earlier this month, Bloomberg News reported that private equity firm Triton Partners boosted its stake in Evotec to 9.9% and was reportedly considering a takeover bid, according to anonymous sources. Novo Holdings and Mubadala Investment are Evotec’s other major shareholders. Evotec has had a bumpy year. Its new CEO, Christian Wojczewski, said in August that 2024 did not meet expectations. During 2024, the company changed CEOs, shuttered its gene therapy unit, sold an API manufacturing plant, closed facilities in Austria, France and Germany, and let go of hundreds of employees. That all came on top of a cyberattack last year.