Evotec SE

EVT: XETR (DEU)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Evotec: Shares Surge on Halozyme’s EUR 2 Billion Takeover Proposal

Rachel Elfman ,

Nov 15, 2024

No-moat Evotec has received a nonbinding takeover proposal from US-based Halozyme Therapeutics, offering EUR 11 per share, which translates to a fully diluted equity value of approximately EUR 2 billion. The proposed offer represents a premium of over 27% compared with Evotec's last closing price prior to the announcement. Following the news, Evotec's shares on the German exchange surged by over 20%. We are maintaining our fair value estimate for Evotec at EUR 8.50 per share, pending further clarification on whether Evotec will entertain the proposal.

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Evotec SE

Evotec: Shares Surge on Halozyme’s EUR 2 Billion Takeover Proposal

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