Evotec, which provides drug discovery solutions for the pharmaceutical industry, raised $435 million by offering 20 million ADSs at $21.75, below the as-converted last close of its shares on the Frankfurt Stock Exchange ($22.87). The company offered 2 million fewer ADSs than anticipated.
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 plans to list on the Nasdaq under the symbol EVO. BofA Securities, Morgan Stanley, Citi, Jefferies, Cowen, and RBC Capital Markets acted as joint bookrunners on the deal.
