(RTTNews) - Halozyme Therapeutics, Inc. (HALO) Friday announced that it has withdrawn the 11.00 euro per share proposal to acquire Hamburg, Germany-based drug discovery company Evotec SE (EVO). The biopharmaceutical company said Evotec has not engaged or explored the potential combination and it has been aiming to remain an independent company
The non-binding cash offer was worth 2 billion euros.
Currently, HALO is gaining 4.49 percent at $47.75 on a volume of 743,477 shares.
Helen Torley, CEO of Halozyme said, "..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."
Torley said that the company continues to believe that a combination of Halozyme and Evotec would create a leading, differentiated, global pharma services company.
Halozyme reiterated 2024 raised guidance for revenue of $970-$1,020 million and adjusted EBITDA of $595-$625 million.
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