Evotec Shares Soar as Private Equity Firm Triton Considers Takeover Bid

Triton's Interest:
Private equity firm Triton Partners is considering a takeover bid for Evotec AG, a German drug development company, after increasing its stake to 9.99%12.

Share Price Surge:
Evotec's shares surged 17% to $4.84 in midday trading following the news2.

Regulatory Approval:
Triton would need foreign investment approval to boost its holding to 10% or more and support from other major shareholders like Novo Holdings and Mubadala Investment Co1.

Financial Challenges:
Any acquisition could be complicated by Evotec's projected negative free cash flow this year and next2.

Business Overview:
Evotec develops drug discovery programs with biotech and pharmaceutical companies in areas including cardiovascular disease, oncology, and immunology1.

Sources:

1. https://www.sharecast.com/news/news-and-announcements/evotec-surges-as-triton-said-to-consider-takeover--18002908.html

2. https://www.tipranks.com/news/the-fly/evotec-rallies-after-bloomberg-says-triton-weighing-takeover-bid