Halozyme Therapeutics (HALO) confirmed it has submitted a non-binding proposal to the Management Board and Supervisory Board of Evotec (EVO) to acquire Evotec for EUR 11.00 per share in cash, implying a fully diluted equity value of EUR 2B. The proposal represents a premium of 109% to Evotec’s undisturbed share price on October 15, the day prior to Triton Partners’ initial accumulation of Evotec shares, and a premium of 77% to Evotec’s last three-month volume weighted average price on October 15. Halozyme has significant cash reserves on-hand and a strong balance sheet. Closing of the transaction would not be subject to any financing contingency and would meet the requirements of BaFin in relation to financing of an offer.
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