Evotec Stock: Halozyme Withdraws $2 Billion Takeover Bid

The Hamburg-based drug discovery company Evotec experienced significant market turbulence as US biotechnology firm Halozyme unexpectedly withdrew its non-binding takeover offer of €11 per share, which had valued the company at approximately €2 billion. The announcement triggered an immediate market reaction, with Evotec's stock price plummeting by approximately 18 percent to €8.25. The withdrawal came after what Halozyme described as unsuccessful attempts to engage in constructive discussions with Evotec's leadership, highlighting a fundamental disconnect between the two companies' strategic visions.

Failed Negotiations Reveal Strategic Divide

The collapse of the potential deal underscores deeper tensions between the two biotechnology firms. While Halozyme expressed particular interest in Just-Evotec Biologics, a subsidiary specializing in cost-effective mass production of biologics, Evotec maintained its commitment to independence throughout the process. The German company's stance appeared to conflict with Halozyme's account of attempted engagement, with Evotec stating it had received no direct communication regarding the proposal. The market response highlighted the significance of the failed acquisition attempt, with Halozyme's stock notably surging by approximately 15 percent following the announcement.