Halozyme Confirmed Merger Proposal With Evotec for €11.00 Per Share in Cash Offer

Halozyme Therapeutics, a biotechnology company specializing in drug-delivery technology, has announced that it has received a proposal from Evotec SE, a German drug discovery and development company, to acquire all outstanding shares of Halozyme in a cash transaction valued at approximately €1.17 billion ($1.22 billion).

Under the terms of the proposal, Halozyme shareholders would receive €11.00 per share in cash, representing a premium of approximately 45% to Halozyme's closing share price on July 14, 2023, the last trading day prior to the announcement of the proposed transaction.

The proposed acquisition is subject to customary closing conditions, including the approval of Halozyme's shareholders and regulatory approvals. The transaction is expected to close in the fourth quarter of 2023.

Halozyme's Board of Directors has formed a special committee of independent directors to review the proposal and make a recommendation to the full Board. The Board of Directors has also retained financial and legal advisors to assist in its evaluation of the proposal.

Halozyme's Chief Executive Officer, Dr. Helen Torley, said, "We are pleased to have received this proposal from Evotec. The proposed transaction would provide Halozyme shareholders with an immediate and substantial premium for their shares and would allow them to participate in the future success of the combined company.

Evotec's Chief Executive Officer, Dr. Werner Lanthaler, said, "The proposed acquisition of Halozyme would be a transformative transaction for Evotec, significantly enhancing our capabilities in drug discovery and development and expanding our reach into new therapeutic areas."