Evotec, which provides drug discovery solutions for the pharmaceutical industry, announced terms for its IPO on Tuesday.
The Hamburg, Germany-based company plans to raise $576 million by offering 22 million ADSs at $26.16, the as-converted October 22 close of its shares on the Frankfurt Stock Exchange (EVT). At the proposed price, Evotec would command a market value of $9.2 billion.
The company calls itself an industry-leading drug discovery and development partner for the pharmaceutical and biotechnology industry, focused on discovering drug candidates in a wide range of difficult-to-treat diseases. It generates income by charging fees for its services, collecting milestones and royalties, and through equity ownership in biotechs. Evotec states that its pipeline has over 130 assets.
Evotec was founded in 1993 and booked $642 million in revenue for the 12 months ended June 30, 2021. It plans to list on the Nasdaq under the symbol EVO. BofA Securities, Morgan Stanley, Citi, Jefferies, Cowen, and RBC Capital Markets are the joint bookrunners on the deal. It is expected to price during the week of November 1, 2021.
