SAN
DIEGO, Nov. 22, 2024 /PRNewswire/ -- Halozyme
Therapeutics, Inc. (NASDAQ: HALO) ("Halozyme" or the "Company")
today announced it has withdrawn its non-binding proposal to
acquire Evotec SE (NASDAQ: EVO) ("Evotec") for €11.00 per share in
cash, implying a fully diluted equity value of €2.0 billion.
Helen
Torley, president and chief executive officer of
Halozyme, shared the following statement:
"We continue to believe that a combination of Halozyme and
Evotec would create a leading, differentiated, global pharma
services company, benefitting shareholders, patients and employees.
However, to date, Evotec has been unwilling to engage with us to
explore a potential combination and a company spokesperson has
publicly commented that its goal is to remain an independent
company. As a result, we are withdrawing our proposal to acquire
Evotec for €11.00 per share in cash.
In the months leading to our proposal, we engaged in extensive
external diligence, and we sought to engage with Evotec in a
discussion about our vision and the benefits for the combination.
Early on, we had informal discussions with a member of the
Supervisory Board and communicated our interest in exploring a
potential business combination. Subsequently, we sought to
earnestly engage Evotec's Chairwoman of the Supervisory Board on
Halozyme's vision, and our thoughts as to the many benefits of the
transaction; regrettably, our multiple requests to meet were not
accepted. Thus, a formal bona fide proposal to the CEO was the only
way to convey that our interest in exploring a potential
transaction was strong, credible and well informed. It has now
become evident that there is no interest at this time on the part
of Evotec's Supervisory and Management Boards to engage
constructively with Halozyme and explore a potential
transaction.
We will continue advancing our mission to improve the patient
treatment experience and we are confident in Halozyme's future. We
believe that we are well-positioned to execute our existing
strategy with clear line of sight to 10 approved products with
ENHANZE® in 2025 and $1
billion of royalty revenue in 2027, continuing to deliver
tremendous value for all stakeholders. We reiterate our
recently raised 2024 guidance for revenue of $970-$1,020
million and adjusted EBITDA of $595-$625 million,
representing significant double-digit growth, as we maintain strong
momentum entering 2025."
For more information about Halozyme, its strategy, financials
and capital allocation priorities, please
visit https://ir.halozyme.com/overview/default.aspx.
About Halozyme
Halozyme is a biopharmaceutical company advancing disruptive
solutions to improve patient experiences and outcomes for emerging
and established therapies. As the innovators of
ENHANZE® drug delivery technology with the
proprietary enzyme rHuPH20, Halozyme's commercially-validated
solution is used to facilitate the subcutaneous delivery of
injected drugs and fluids, with the goal of improving the patient
experience with rapid subcutaneous delivery and reduced treatment
burden. Having touched more than 800,000 patient lives in
post-marketing use in eight commercialized products across more
than 100 global markets, Halozyme has licensed its
ENHANZE® technology to leading pharmaceutical and
biotechnology companies including Roche, Takeda, Pfizer, Janssen,
AbbVie, Eli Lilly, Bristol-Myers Squibb, argenx, ViiV Healthcare,
Chugai Pharmaceutical and Acumen Pharmaceuticals.
Halozyme also develops, manufactures and commercializes, for
itself or with partners, drug-device combination products using its
advanced auto-injector technologies that are designed to provide
commercial or functional advantages such as improved convenience,
reliability and tolerability, and enhanced patient comfort and
adherence. The Company has two commercial proprietary products,
Hylenex® and XYOSTED®, partnered
commercial products and ongoing product development programs with
Teva Pharmaceuticals and Idorsia Pharmaceuticals. Halozyme is
headquartered in San Diego, CA and
has offices in Ewing, NJ and
Minnetonka, MN. Minnetonka is also the site of its operations
facility.
For more information visit www.halozyme.com and
connect with us on LinkedIn and Twitter.
Forward-Looking Statements
In addition to historical information, the statements set forth
in this press release include forward-looking statements including,
without limitation, statements concerning the Company's expected
future financial performance (including the Company's financial
outlook for 2024) and expectations for future growth, product
approvals, profitability, total revenue, royalty revenue and
adjusted EBITDA. Forward-looking statements regarding the Company's
ENHANZE® drug delivery technology may include the
possible benefits and attributes of ENHANZE®, its
potential application to aid in the dispersion and absorption of
other injected therapeutic drugs and facilitating more rapid
delivery and administration of higher volumes of injectable
medications through subcutaneous delivery. These forward-looking
statements are typically, but not always, identified through use of
the words "expect," "believe," "enable," "may," "will," "could,"
"can," "durable," "growth," "innovate," "potential," "intends,"
"estimate," "anticipate," "plan," "predict," "probable,"
"potential," "possible," "should," "continue," and other words of
similar meaning and involve risks and uncertainties that could
cause actual results to differ materially from those in the
forward-looking statements. Actual results could differ
materially from the expectations contained in these forward-looking
statements as a result of several factors, including unexpected
levels of revenues, expenditures and costs, unexpected results or
delays in the growth of the Company's business, or in the
development, regulatory review or commercialization of the
Company's partnered or proprietary products, regulatory approval
requirements, unexpected adverse events or patient outcomes and
competitive conditions. These and other factors that may
result in differences are discussed in greater detail in the
Company's most recent Annual Report on Form 10-K and Quarterly
Reports on Form 10-Q filed with the Securities and Exchange
Commission. Except as required by law, the Company undertakes
no duty to update forward-looking statements to reflect events
after the date of this release.
Non-GAAP Financial Measures:
These materials contain certain non-GAAP financial measures and
projections, including Adjusted EBITDA, which is and expectations
of regarding such measure, which is in addition to, and not a
substitute for, or superior to, financial measures calculated in
accordance with GAAP. The Company does not provide reconciliations
for forward-looking adjusted measures to GAAP due to the inherent
difficulty in forecasting and quantifying certain amounts that are
necessary for such reconciliation.
Halozyme Contacts
Investors
Tram Bui
Halozyme VP, Investor Relations and Corporate Communications
609-359-3016
tbui@halozyme.com
U.S. Media
Andrea Calise
Teneo
917-826-3804
andrea.calise@teneo.com
Christina Coronios
Teneo
646-531-2882
christina.coronios@teneo.com
German Media
Felix Schoenauer
Teneo
+49 69 867906054
Press-halo@teneo.com
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SOURCE Halozyme Therapeutics, Inc.
