SAN DIEGO, Nov. 22, 2024 /PRNewswire/ -- Halozyme Therapeutics, Inc. (NASDAQ: HALO) ("Halozyme" or the "Company") today announced it has withdrawn its non-binding proposal to acquire Evotec SE (NASDAQ: EVO) ("Evotec") for €11.00 per share in cash, implying a fully diluted equity value of €2.0 billion.
Helen Torley, president and chief executive officer of Halozyme, shared the following statement:
"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 and a company spokesperson has publicly commented that its goal is to remain an independent company. As a result, we are withdrawing our proposal to acquire Evotec for €11.00 per share in cash.
In the months leading to our proposal, we engaged in extensive external diligence, and we sought to engage with Evotec in a discussion about our vision and the benefits for the combination. Early on, we had informal discussions with a member of the Supervisory Board and communicated our interest in exploring a potential business combination. Subsequently, we sought to earnestly engage Evotec's Chairwoman of the Supervisory Board on Halozyme's vision, and our thoughts as to the many benefits of the transaction; regrettably, our multiple requests to meet were not accepted. Thus, a formal bona fide proposal to the CEO was the only way to convey that our interest in exploring a potential transaction was strong, credible and well informed. 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.
We will continue advancing our mission to improve the patient treatment experience and we are confident in Halozyme's future. We believe that we are well-positioned to execute our existing strategy with clear line of sight to 10 approved products with ENHANZE® in 2025 and $1 billion of royalty revenue in 2027, continuing to deliver tremendous value for all stakeholders. We reiterate our recently raised 2024 guidance for revenue of $970 - $1,020 million and adjusted EBITDA of $595 - $625 million, representing significant double-digit growth, as we maintain strong momentum entering 2025."
For more information about Halozyme, its strategy, financials and capital allocation priorities, please visit https://ir.halozyme.com/overview/default.aspx.
About Halozyme
Halozyme is a biopharmaceutical company advancing disruptive solutions to improve patient experiences and outcomes for emerging and established therapies. As the innovators of ENHANZE® drug delivery technology with the proprietary enzyme rHuPH20, Halozyme's commercially-validated solution is used to facilitate the subcutaneous delivery of injected drugs and fluids, with the goal of improving the patient experience with rapid subcutaneous delivery and reduced treatment burden. Having touched more than 800,000 patient lives in post-marketing use in eight commercialized products across more than 100 global markets, Halozyme has licensed its ENHANZE® technology to leading pharmaceutical and biotechnology companies including Roche, Takeda, Pfizer, Janssen, AbbVie, Eli Lilly, Bristol-Myers Squibb, argenx, ViiV Healthcare, Chugai Pharmaceutical and Acumen Pharmaceuticals.
Halozyme also develops, manufactures and commercializes, for itself or with partners, drug-device combination products using its advanced auto-injector technologies that are designed to provide commercial or functional advantages such as improved convenience, reliability and tolerability, and enhanced patient comfort and adherence. The Company has two commercial proprietary products, Hylenex® and XYOSTED®, partnered commercial products and ongoing product development programs with Teva Pharmaceuticals and Idorsia Pharmaceuticals. Halozyme is headquartered in San Diego, CA and has offices in Ewing, NJ and Minnetonka, MN. Minnetonka is also the site of its operations facility.
For more information visit www.halozyme.com and connect with us on LinkedIn and Twitter.
Forward-Looking Statements
In addition to historical information, the statements set forth in this press release include forward-looking statements including, without limitation, statements concerning the Company's expected future financial performance (including the Company's financial outlook for 2024) and expectations for future growth, product approvals, profitability, total revenue, royalty revenue and adjusted EBITDA. Forward-looking statements regarding the Company's ENHANZE® drug delivery technology may include the possible benefits and attributes of ENHANZE®, its potential application to aid in the dispersion and absorption of other injected therapeutic drugs and facilitating more rapid delivery and administration of higher volumes of injectable medications through subcutaneous delivery. These forward-looking statements are typically, but not always, identified through use of the words "expect," "believe," "enable," "may," "will," "could," "can," "durable," "growth," "innovate," "potential," "intends," "estimate," "anticipate," "plan," "predict," "probable," "potential," "possible," "should," "continue," and other words of similar meaning and involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Actual results could differ materially from the expectations contained in these forward-looking statements as a result of several factors, including unexpected levels of revenues, expenditures and costs, unexpected results or delays in the growth of the Company's business, or in the development, regulatory review or commercialization of the Company's partnered or proprietary products, regulatory approval requirements, unexpected adverse events or patient outcomes and competitive conditions. These and other factors that may result in differences are discussed in greater detail in the Company's most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission. Except as required by law, the Company undertakes no duty to update forward-looking statements to reflect events after the date of this release.
Non-GAAP Financial Measures:
These materials contain certain non-GAAP financial measures and projections, including Adjusted EBITDA, which is and expectations of regarding such measure, which is in addition to, and not a substitute for, or superior to, financial measures calculated in accordance with GAAP. The Company does not provide reconciliations for forward-looking adjusted measures to GAAP due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliation.
Halozyme Contacts
Investors
Tram Bui
Halozyme VP, Investor Relations and Corporate Communications
609-359-3016
[email protected]
U.S. Media
Andrea Calise
Teneo
917-826-3804
[email protected]
Christina Coronios
Teneo
646-531-2882
[email protected]
German Media
Felix Schoenauer
Teneo
+49 69 867906054
[email protected]
SOURCE Halozyme Therapeutics, Inc.
