FRANKFURT, April 7 - Evotec said on Tuesday it would continue a dialogue with investor MAK Capital, which has published a list of changes it wants the German biotech firm to make. * "We have
Evotec Engages With MAK Capital as Investor Pushes for Strategic Changes
Evotec's Ongoing Dialogue With MAK Capital and Strategic Proposals
FRANKFURT, April 7 - Evotec said on Tuesday it would continue a dialogue with investor MAK Capital, which has published a list of changes it wants the German biotech firm to make.
Company Statement on Investor Engagement
* "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," it said in a statement on Tuesday
Leadership and Supervisory Board Developments
Proposed Election of New Chairman
* Earlier on Tuesday, the biotech firm said the former head of Bayer's pharmaceutical unit, Dieter Weinand, had been proposed by its supervisory board for election as chairman.
MAK Capital's Demands and Board Appointments
* MAK on Monday called on Hamburg-based Evotec to carve out and list its contract development and manufacturing division Just Evotec Biologics, among other demands in an open letter to management.
* MAK Capital holds around 7% of Evotec shares.
* The investor also called on Evotec to accelerate restructuring and appoint industry executive Wolfgang Hofmann to the supervisory board.
Company Performance and Governance Issues
Stock Performance
* The company's stock is down more than 85% over the past five years.
Disclosure Concerns
Former CEO's Share Trade Disclosures
In early 2024, the company said that its former CEO Werner Lanthaler had for years failed to disclose share trades in the company.
(Reporting by Tom Sims Writing by Ludwig Burger Editing by Miranda Murray)
