Evotec’s €250 Million Capital Increase


Latham & Watkins LLP advised Novo Holdings A/S on the deal.

Evotec SE resolved on a capital increase from its authorised capital without pre-emptive rights against cash. Evotec will issue a total of 11,478,298 new shares to Mubadala Investment Company and Novo Holdings A/S, increasing Evotec’s cash reserves by € 250 million in total.

In this private placement capital increase, Mubadala Investment Company, a sovereign investor with an entrepreneurial mind-set and a long-standing history of strategic investments in the healthcare sector, will invest EUR 200 million to subscribe for approx. 5.6 % of outstanding Evotec shares. Evotec’s existing shareholder Novo Holdings A/S also will invest EUR 50 million to support Evotec’s accelerated growth ambition and to reinforce its ownership in the company of approx. 11.0% of outstanding shares. The shares will be issued at a price of EUR 21.7802 per share, which represents a 2.5 % discount to the five-day volume weighted average price (“VWAP”) of EUR 22.3387 prior to the Xetra closing auction on 12th October 2020. After the registration of the capital increase in the commercial register, Evotec’s share capital will increase to EUR 163,375,791, or 163,375,791 ordinary bearer shares.

Evotec is one of the world’s leading providers in the field of drug discovery and development.

Novo Holdings A/S is a fully-owned subsidiary of Novo Nordisk Foundation and, as the holding company of the Novo group, is responsible for managing the foundation’s assets.

Mubadala Investment Company is a sovereign investor with an entrepreneurial mind-set and a long-standing history of strategic investments in the healthcare sector.

The Latham team advising Novo was led by Hamburg corporate partner Henning Schneider (Picture), with Hamburg corporate partner Dirk Kocher, Hamburg antitrust counsel Jana Dammann de Chapto, Frankfurt capital markets associate David Rath, and Dusseldorf corporate associate Steffen Augschill.

Novo Holdings A/S in-house team was led by associate general counsel Søren Justesen.

Involved fees earner: Steffen Augschill – Latham & Watkins; Jana Dammann de Chapto – Latham & Watkins; Dirk Kocher – Latham & Watkins; David Rath – Latham & Watkins; Henning Schneider – Latham & Watkins;

Law Firms: Latham & Watkins;

Clients: Novo Holdings A/S;