Nastassia Samal/iStock via Getty Images The ADRs of Evotec SE ( NASDAQ: EVO ) gained in the premarket Thursday after Bloomberg News reported that the German drug developer has tapped defense advisers, as its recent selloff has led to fears about a potential takeover bid. Several companies are reviewing Hamburg-based Evotec ( EVO ) as a potential buyout target, people familiar with the matter said, according to the news outlet. They added that the potential bidders are in the initial stages of discussions with advisers as they evaluate the company and its therapeutic pipeline.
The people said Evotec ( EVO ) has yet to receive a formal bid, and added that any formal proposal is likely to be at least several months away. Any significant move will need the support of the company’s biggest shareholders, Novo Nordisk’s ( NVO ) parent company, Novo Holdings, and Abu Dhabi sovereign fund Mubadala Investment Co. Evotec ( EVO ) ADRs have lost over 65% in value this year, amid a sharp selloff in April following the company’s fiscal 2023 results.
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