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Halozyme Therapeutics Inc. has withdrawn its bid to acquire German drug developer Evotec SE for €11 per share, citing Evotec's reluctance to engage in discussions about a potential merger. The bid, which implied a valuation of €2.0 billion, was rejected as Evotec aims to maintain its independence, according to Halozyme's CEO Helen Torley.
Halozyme has withdrawn its bid to acquire Evotec after the latter showed no interest in negotiations, despite a proposed valuation of €2 billion. Meanwhile, Neurogene reported the death of a patient in a gene therapy trial for Rett syndrome, linked to known risks of the treatment. In other news, Argenx is advancing its drug efgartigimod for myositis, while Kyowa Kirin has agreed to pay Kura Oncology $330 million for rights to an experimental leukemia drug.
Halozyme Therapeutics Inc. plans to finance its proposed €2 billion ($2.1 billion) takeover of Germany’s Evotec SE entirely in cash, as stated by CEO Helen Torley. She emphasized that no equity will be used, and despite taking on some debt, the company expects to quickly reduce its leverage to two times after the deal closes.
UBS has reduced its target price for Bechtle from 44.60 to 36 euros while maintaining a "Neutral" rating, citing increasing short-term challenges and a reduction in earnings estimates by up to five percent. In other news, a bidding war for Evotec is anticipated as Triton acquires a stake, with Halozyme offering 2 billion euros for the company. Meanwhile, the UK economy shows signs of stagnation, prompting government intervention, and the ECB's blockchain trials have been deemed a success by DekaBank.
The SMI index is down in pre-market trading, with all 20 stocks losing ground, although Sandoz shows a slight upswing. Investors are intrigued by Evotec's potential takeover by Halozyme Therapeutics, which has offered €11 per share, causing Evotec's stock to rise to €10.80, despite a significant drop from over €21 at the year's start. Analysts note the high intrinsic value of Evotec is becoming clearer.
Halozyme Therapeutics has made an unsolicited bid to acquire Evotec for 11 euros per share, totaling around 2 billion euros, aiming to enhance its strategic position in the drug industry. Bluebird bio has recorded its first revenue from its gene therapy Lyfgenia for sickle cell disease, while BeiGene has rebranded as BeOne Medicines to emphasize its oncology focus and distance itself from its Chinese roots. Adaptimmune plans to lay off a third of its workforce to save $300 million and focus on its cell therapy Tecelra, while Abeona Therapeutics awaits a decision from the FDA on its gene therapy pz-cel for a rare skin condition by April 2025.
Halozyme Therapeutics, Inc.
Companies
| Symbol | HALO |
| Name | Halozyme Therapeutics, Inc. |
| Currency | USD |
| Sector | Health Care |
| IndustryGroup | Pharmaceuticals, Biotechnology & Life Sciences |
| Industry | Biotechnology |
| Market | NASDAQ Global Select |
| Country | United States |
| State | CA |
| City | San Diego |
| Zipcode | 92121 |
| Website | http://www.halozyme.com |
The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
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