German drug developer Evotec SE (NASDAQ:EVO) is reportedly consulting defense advisers following a significant drop in share price, raising concerns about the company’s vulnerability to a takeover.
Multiple buyout firms are reportedly evaluating Hamburg-based Evotec as a potential acquisition target, initiating early discussions with advisers to assess the company’s drug pipeline and strategic value.
Evotec’s shares surged. The spike follows a year-to-date decline of over 60%, with the stock recently hitting its lowest since March 2017. The drop came after Intron Health analysts downgraded the stock from “buy” to “sell.”
Bloomberg Full story available on Benzinga.com