Triton Weighs Takeover Deal for Drug Developer Evotec

Bloomberg2024-11-11

(Bloomberg) -- Triton Partners is considering a takeover bid for Germany’s Evotec SE, according to people familiar with the matter, after the private equity firm emerged as one of the drug developer’s...

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Triton last week raised its stake in Evotec to about 9.2% from 5.6%, according to regulatory filings.Triton would need foreign investment approval if it wants to boost its holding to 10% or more. Any significant move would also need support from Evotec’s other major shareholders — Novo Holdings A/S, the parent company of drugmaker Novo Nordisk A/S, as well as Abu Dhabi sovereign fund Mubadala Investment Co.Shares of Evotec have slid about 60% this year, giving the company a valuation of about €1.5 billion ($1.6 billion). The share price drop has prompted Evotec to speak to defense advisers amid fears about its vulnerability to a takeover, Bloomberg News reported in June.Deliberations are ongoing and Triton could decide against proceeding with any formal offer, the people said. A representative for Triton declined to comment. A spokesperson for Evotec couldn’t immediately be reached.Evotec develops drug discovery programs with biotech and pharmaceutical companies in areas including cardiovascular disease, oncology and immunology, its website shows. Chief Executive Officer Christian Wojczewski, who took his position at Evotec in July, said in an earnings call last week that his job is to rebuild trust and provide clarity and reliability for investors. The previous CEO Werner Lanthaler stepped down for personal reasons. 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