Halozyme Retracts $2B Bid for Evotec Amid Unwillingness to Merge and Share Price Variability

Halozyme Therapeutics has announced its decision to pull back the $2.1 billion bid it had placed to acquire Evotec. This withdrawal was largely due to Evotec's lack of interest in discussing a merger, as stated by Halozyme's president and CEO, Helen Torley[1]. Despite Halozyme's attempts to initiate talks, including reaching out to Evotec's supervisory board chair and CEO, the German company remained adamant about maintaining its independence, a decision that had already been publicly declared[1]. This decision comes in the wake of Evotec's significant share price decline, yet its leadership has expressed confidence in a standalone strategy aiming to boost growth and shareholder value in the long term[1].