MAK Tells Evotec to List US Unit Worth Over €1 Billion

Activist fund MAK Capital, led by Michael A. Kaufman, has urged the leadership of German biotech firm Evotec SE to list its US unit and speed up its cost cutting program after the shares have lost about 85% over the past five years.

“We believe a U.S.-listed Just Biologics would command a materially higher valuation, in excess of €1 billion ($1.2 billion), access a deeper investor base, provide Just Biologics with a cash infusion and dedicated currency for growth” and help retain talent at the Seattle based firm, MAK said in a letter it sent to Evotec’s leadership earlier this month, according to a filing with the SEC.