Evotec goes for massive IPO on Nasdaq
German drug discovery company Evotec plans to raise US$576m on the US-American stock exchange Nasdaq to finance extensive investments.
The Hamburg-based company announced that it has commenced a public offering in the USA of up to 22,000,000 American Depositary Shares. The price of the ADS on offer will be determined on the basis of the closing price of Evotecs shares on the Frankfurt Stock Exchange, where the company has been listed since 2009, using an ADS to share ratio of 2 to 1.
With the money, Evotec plans to finance large-scale investments: On the one hand, it will expand its biologics manufacturing capacity in the USA and build additional capacity in its Toulouse, France, site. A portion of the funds will go towards expanding its precision medicine platform, accelerating its pipeline activities, and expanding its portfolio of investments.
Evotec has applied to list on the Nasdaq Global Select Market under the symbol EVO.
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