IPO-pedia | German biotech Evotec seeks over $9 bln valuation
German biotech firm Evotec plans to list on the Nasdaq under the symbol "EVO" on November 4th.
The company would look to raise up to $575.5 million in the IPO by offering 22 million American depositary shares (ADSs) at $26.16 each, according to its filing. Each ADS represents one-half of an ordinary share.
According to Reuters, Evotec SE would seek a valuation of about $9.2 billion in its initial public offering in the United States. BofA Securities and Morgan Stanley are the lead underwriters for the offering.
As of October 31st, The company has a market capitalization of $8.2 billion on the Frankfurt Stock Exchange, where its shares are already listed.
![Source: the prospectus](https://ussnsimg.moomoo.com/9089963327107909302.png/bigmoo)
Business Overview
Founded in 1993, Hamburg-headquartered Evotec is an industry-leading drug discovery and development partner for the pharmaceutical and biotechnology industry.
It offers a suite of technologies that enable faster and cheaper drug discoveries by pharmaceutical companies.
![Source: the prospectus](https://ussnsimg.moomoo.com/5952878957367085658.png/bigmoo)
The company last year received a grant from the Bill & Melinda Gates Foundation to help identify and develop potential monoclonal antibody drugs for the prevention of severe COVID-19.
Evotec's work to date has resulted in 11 disclosed pipeline assets in clinical development, and over 100 pipeline assets in the discovery and preclinical phase.
In the meanwhile, it has developed a broad multi-disciplinary network of collaborations with over 800 partnerships across the pharmaceutical and biotechnology industry and academia.
![IPO-pedia | German biotech Evotec seeks over $9 bln valuation](https://ussnsimg.moomoo.com/811834358451399751.png/bigmoo)
Evotec generate revenue through three core collaboration routes:
1)“Fee-for-service”: byproviding stand-alone or fully integrated drug discovery and development solutions to partners on a fee-for-service and FTE-rate basis;
2)EVOroyalty: by receiving milestones and royalties on assets;
3)EVOequity: through equity ownership in emerging, highly innovative companies and translational academic institutional projects.
As of June 30, 2021, it had 24 investments with 90 active projects in our EVOequity pipeline.
![IPO-pedia | German biotech Evotec seeks over $9 bln valuation](https://ussnsimg.moomoo.com/2806870478692727464.png/bigmoo)
Financial Performance
Revenues from contracts with customers increased by 17.5%, from €231.0 million for the six months ended June 30, 2020 to €271.3 million in the six months ended June 30, 2021.
The increase is mainly due to a positive performance across all business lines as well as the higher contribution of Just – Evotec Biologics.
Net income increased by €105.5 million from €7.26 million in the six months ended June 30, 2020 to €112.71 million in the six months ended June 30, 2021. The increase is mainly resulted from the fair value adjustment of Evotec’s participation in Exscientia Ltd. in the amount of €116.1 million.
![IPO-pedia | German biotech Evotec seeks over $9 bln valuation](https://ussnsimg.moomoo.com/8023339204048116166.png/bigmoo)
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