Shares of Germany’s Evotec SE rose by up to 16.2% on Monday after news that private equity firm Triton Partners has acquired a substantial stake in the drug discovery and development specialist ahead of a potential takeover bid for the company, according to a report by Bloomberg.
The report cites a SEC filing as revealing that Triton has built a 9.9% stake through multiple open-market transactions, and is now assessing the possibility of acquiring the whole business, according to unnamed sources familiar with the matter.
Triton, which is now reportedly seeking discussions with the company’s senior executives to evaluate a buyout option, would need foreign investment approval if it is to boost its stake in the business beyond 10%. Any acquisition would also require the support of Evotec’s major shareholders, including Novo Holdings – the parent company of Novo Nordisk – and the Abu Dhabi-based Mubadala Investment.
Evotec recently reported third-quarter revenue of €184.89m, down from €196.28m a year earlier, citing a softer market for shared R&D, while the company posted an operating loss of €26.46m, compared to €12.19m in the same period last year.
