WASHINGTON (dpa-AFX) - MAK Capital is urging Evotec SE to take its U.S. subsidiary, Just Biologics, public and to accelerate its cost-cutting measures. They believe more decisive steps are necessary since Evotec's stock has plummeted about 85% over the past five years.
In a letter sent out earlier this month, MAK Capital argued that a U.S. listing for Just Biologics could place the company's value over 1 billion euros.
This move could also open up investment opportunities, generate new capital for growth, and help retain top talent. This year alone, Evotec's shares have dropped around 18%, leaving the company valued at about 796 million euros.
Evotec has stated that it is considering the suggestions made and mentioned it has been having positive talks with MAK Capital. The activist fund, which recently revealed a 7% ownership stake, took issue with the pace of Evotec's restructuring, claiming that the anticipated margin improvements by 2027 are moving too slowly and calling for noticeable operational advancements in the latter half of this year.
MAK also suggested that Wolfgang Hofmann be appointed to Evotec's supervisory board, in place of Duncan McHale, following the upcoming shareholder meeting.
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