Combination Would Create a Global Innovative
Services Company with a Unique Set of Differentiated Technologies,
a Deep Pipeline, and Best-in-class Industry Team
SAN
DIEGO, Nov. 14, 2024 /PRNewswire/ -- Halozyme
Therapeutics, Inc. (NASDAQ: HALO) ("Halozyme" or the "Company")
confirmed it has submitted a non-binding proposal to the Management
Board and Supervisory Board of Evotec SE (NASDAQ: EVO) ("Evotec")
to acquire Evotec for €11.00 per share in cash, implying a fully
diluted equity value of €2.0 billion. The proposal represents a
premium of 109% to Evotec's undisturbed share price on October 15, 2024, 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, 2024.
"The combination of Halozyme and Evotec would diversify and
extend Halozyme revenue and EBITDA growth and durability well into
the next decade and beyond," said Helen
Torley, president and chief executive officer of Halozyme.
"I am excited about the potential to bring together best-in-class
innovative technologies and both organizations' capabilities to
create a pan U.S. / European innovative services company. With
increased scale, a deep pipeline, and a diversified offering, we
would be a highly attractive strategic partner to the biopharma
industry. This in turn would provide a remarkable opportunity to
accelerate the discovery and development of medicines that will
improve patients' outcomes."
Halozyme believes that the proposed combination would create a
global innovative services company with:
- Innovation Driven Platform: Evotec's drug discovery
platform would become the Center of Excellence within Halozyme for
all drug discovery business.
- Expanded Biologic Platforms: Just – Evotec Biologics, a
fast-growing, best-in-class biologic manufacturing platform with
the potential to expand the worldwide supply of biologic products
more affordably, would complement Halozyme's ENHANZE®
drug delivery technology for large volume biologics.
- Accelerated Growth: Halozyme's strong cash generation
would support continued reinvestment into Evotec's earlier stage
programs and new technologies. Additionally, Halozyme's proven
track record of translating innovative technologies into businesses
that improve patients' outcomes would result in an opportunity to
accelerate the development of new treatments.
- Compelling Financial Upside: The combination would be
expected to meaningfully diversify, scale and extend Halozyme
revenue and EBITDA well into the next decade and later. The
diversified technology offerings of the proposed combination would
create opportunities to expand programs with a broader set of
partners.
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.
Advisors
Centerview Partners is serving as Halozyme's financial advisor
and Weil, Gotshal & Manges LLP, as legal advisor.
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 future
plans, objectives, expectations and intentions relating to a
potential transaction concerning Evotec, such potential
transaction's expected impact and contributions to the Company's
and the combined group's operations and financial results, the
financing and closing of such potential transaction, as well as the
expected timing and benefits of such potential transaction,
the Company's and Evotec's future product development and
regulatory events and goals, product collaborations, the Company's
business intentions and financial statements and anticipated
results. These forward-looking statements are typically, but
not always, identified through use of the words "expect,"
"believe," "enable," "may," "will," "could," "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 uncertainties concerning
future matters such as market conditions, changes in domestic and
foreign business changes in the competitive environment in which
the Company and Evotec operate, discussions with Evotec and its
board of directors, and financing a potential transaction,
inability of the parties to successfully or timely enter into or
consummate a transaction, including the risk that any required
regulatory approvals are not obtained, are delayed or are subject
to unanticipated conditions that could adversely affect the
combined group or the expected benefits of a transaction,
unexpected levels of the combined group's revenues, expenditures
and costs, unexpected results or delays in the growth of the
combined group's business, or in the development, regulatory review
or commercialization of the combined group'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.
Halozyme Contacts
Investors
Tram Bui
Halozyme VP, Investor Relations and Corporate Communications
609-359-3016
tbui@halozyme.com
U.S. Media
Andrea Calise
Teneo
917-826-3804
andrea.calise@teneo.com
Christina Coronios
Teneo
646-531-2882
christina.coronios@teneo.com
German Media
Felix Schoenauer
Teneo
+49 69 867906054
Press-halo@teneo.com
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SOURCE Halozyme Therapeutics, Inc.
