Evotec completed US IPO

09 Nov 2021

Evotec completed US IPO

Hamburg-based biotech company Evotec completed its secondary listing on the U.S. Nasdaq stock exchange on November 8 and will raise up to $500 million.

Evotec expects the transaction to raise gross proceeds of $500 million in total, including the base offering of 20 million ADSs ($435 million) and, upon closing, the exercised option to purchase up to 2,995,000 additional ADSs ($65 million) within 30 days, subject to demand. One ADS represents half an Evotec ordinary share. The ADSs, which represent almost six percent of Evotec's capital stock, are traded on the Nasdaq Global Select Market under the ticker symbol "EVO".

Evotec's ordinary shares are listed on the regulated market of the Frankfurt Stock Exchange in the mid-cap index MDax and are subject to additional conditions by being listed in the Prime Standard. BofA Securities and Morgan Stanley jointly acted as lead "bookrunners" for the offering. Citigroup, Jefferies, Cowen and RBC Capital Markets also acted as joint bookrunners for the offering. The ADSs will be issued under Evotec's revised ADS program, which will continue to be administered by JP Morgan Chase Bank, N.A.. A registration statement for these securities has been filed with the U.S. Securities and Exchange ("SEC") and became effective on November 3.

The company intends to use the fresh capital to expand its production capacities for biologics in the U.S., create additional capacity at its site in Toulouse, France, and expand its precision medicine business.