Halozyme's $2.1B Bid for Evotec Withdrawn Due to Unwillingness to Engage and Future Revenue Strategies

Halozyme Therapeutics initiated a $2.1 billion bid to acquire Evotec, driven by a strategic impetus to expand beyond its core drug delivery technology, Enhanze, which is anticipated to encounter diminishing revenue streams post-2027 when its patent expires[2]. The acquisition of Evotec was intended to diversify Halozyme's revenue and bolster its growth capabilities, leveraging Evotec’s robust drug discovery and manufacturing platforms[2]. However, despite offering a 27.5% premium over Evotec's last closing share price, Halozyme faced a setback when Evotec expressed a strong desire to remain independent, demonstrating reluctance to engage in discussions with Halozyme leadership which ultimately led to the bid's withdrawal[1].