A German biotechnology company announced Tuesday it will maintain ongoing discussions with a major investor who has publicly outlined specific changes the firm should implement.
Hamburg-based Evotec responded to demands from MAK Capital, stating in a Tuesday announcement: “We have maintained a constructive dialogue with MAKCapital for some time and we look forward to continuing our engagement with them as well as with other investors.”
The biotech firm also revealed Tuesday that its supervisory board has nominated Dieter Weinand, the former leader of Bayer’s pharmaceutical division, for election as chairman.
MAK Capital issued an open letter to Evotec’s management on Monday outlining several demands, including spinning off and publicly listing the company’s contract development and manufacturing arm, Just Evotec Biologics. The investment firm, which controls approximately 7% of Evotec’s shares, also pushed for faster restructuring efforts and requested the appointment of industry executive Wolfgang Hofmann to the supervisory board.
The company has faced significant financial challenges, with its stock price falling more than 85% during the past five years. Adding to its troubles, Evotec disclosed in early 2024 that former CEO Werner Lanthaler had failed to properly report his personal stock transactions in the company for several years.
