(Bloomberg) -- Halozyme Therapeutics Inc. withdrew its bid to purchase German drug developer Evotec SE as discussions stalled over the proposal valued at €2 billion ($2.1 billion).
Evotec was “unwilling to engage with us to explore a potential combination,” Helen Torley, chief executive officer of San Diego-based Halozyme, said Friday in a statement.
Evotec shares fell as much as 21% on the news. Halozyme rose as much as 7.7% in New York.
Bloomberg on Nov. 14 reported the bid of €11 a share, a 27% premium to Evotec’s closing price that day, and Halozyme later confirmed the offer. Torley said then that the deal would add to both companies’ scale, pipeline, and diversity, making the combined company a more attractive partner to other biopharma firms.
Evotec said then that it would carefully analyze the offer and decide on its next steps. Private equity firm Triton Partners recently revealed it has built up a stake in Evotec and has been considering a takeover bid, Bloomberg News has reported.
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