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HALO.US is set to acquire EVO.US for $2.1bn in cash

Market IntelMonday, Nov 18, 2024 1:40 am ET
1min read

According to media reports, Halo Therapeutics (HALO.US) CEO Helen Torley said the company plans to fund the acquisition of German Evotec (EVO.US) with €2bn ($2.1bn) in cash. Torley said in an interview: "We are confident in our ability to fund this transaction with full cash. No equity will be used. She said: "With some debt we took on, our strong cash flow will allow us to quickly bring our leverage down to two times post-transaction."

According to reports, Halo Therapeutics, based in San Diego, is expected to fund part of the acquisition with about $600m in cash on hand and the remaining debt. Torley added that the company is finalizing debt financing with potential bank lenders.

Halo Therapeutics produces auto-injector devices that can deliver large amounts of drugs faster into patients. Its pharma partners include Johnson & Johnson (JNJ.US) and Bristol-Myers Squibb (BMS). Meanwhile, Evotec will help pharma companies choose molecules for further development and drug production.

According to reports, private equity firm Triton Partners disclosed its stake in Evotec and has been considering a takeover. The paper quoted Torley as saying: "We think this is a great way to add to the already strong revenue growth story for Halo Therapeutics. "We have the drug delivery, which will bring the drug discovery and production."

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lies_are_comforting
11/18
Well, I guess you could say HALO.US is 'injecting' some serious cash into their business model. Here's to hoping this merger is the 'dose' they needed to thrive!
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Sotarif
11/18
Just saw the stock prices for both companies... This acquisition better pay off big time for HALO.US, or their shareholders are going to be in for a rude awakening. Lots of pressure.
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statisticalwizard
11/18
Auto-injector devices are the future of drug delivery! The synergy between HALO.US and EVO.US is going to change the pharma game. Exciting times ahead!
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racoontosser
11/18
As someone who's followed EVO.US, it's bittersweet to see them go. But if it means a stronger future for the combined entity, I'm on board. Good luck, HALO.US!
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Pin-Last
11/18
Not convinced about the debt financing part. Hope they know what they're getting into with that leverage ratio. Fingers crossed for the best.
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haarp1
11/18
Loving the strategic move by HALO.US! This acquisition is going to skyrocket their revenue growth - buying more shares today!
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