- German biotech Evotec SE (OTC:EVTCY) plans to raise $576 million by offering 22 million ADSs at $26.16. At the proposed price, Evotec would command a market value of $9.2 billion.
- See the SEC offer prospectus here.
- The Company plans to list on the NASDAQ under the symbol EVO.
- Evotec plans to use $100 million from the IPO proceeds to expand a biologics manufacturing facility in Redmond, Washington, $175 million for building additional capacity in France, $115 million for solo R&D, $80 million for equity investments, and the list goes on.
- The Company works as a drug discovery, and development partner to 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 & royalties, and equity ownership in biotechs.
- Evotec states that its pipeline has over 130 assets.
- Most recently: Bristol Myers Exercises Option In-License Evotec’s Neurodegenerative Candidate.
- Price Action: EVTCY shares are down 2.91% at $24 during the market session on the last check Wednesday.
Wells Fargo Maintains Overweight on Intl Flavors & Fragrances, Lowers Price Target to $165
Wells Fargo analyst Michael Sison maintains Intl Flavors & Fragrances (NYSE:IFF) with a Overweight and lowers the price target from $170 to $165.
