After Halozyme Therapeutics (HALO) confirmed it has submitted a non-binding proposal to the boards of Evotec (EVO) to acquire Evotec for EUR 11.00 per share in cash, implying a fully diluted equity value of EUR 2B, JPMorgan analyst Jessica Fye caught up with Halozyme management, who say they are interested because they see the potential to create a powerful diversified services offering by bringing in Evotec’s drug discovery, early development and biologic manufacturing capabilities. However, based on early investor feedback, the firm thinks this move was unexpected by investors and given how different Evotec is from Halozyme’s current business the firm expects it could take time for the market to think through what such a deal could mean for the company. JPMorgan maintains a Neutral rating on Halozyme shares.
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