Evotec Faces Pivotal Shareholder Vote as Activist and Management Clash Over Strategy
Published on 04/24/2026 at 00:00 | Redaktion boerse-global.de
The clock is ticking toward what promises to be a defining moment for Evotec. With the annual general meeting set for June 11 in Hamburg, the German biotech firm finds itself caught between an activist investor pushing for radical change and a management team betting on a sweeping internal overhaul.
MAK Capital, the fund led by Michael A. Kaufman, holds roughly seven percent of Evotec's shares and is pressing hard for a spin-off of the company's US Biologics division. The activist argues that a US listing could push the valuation of the Seattle-based unit past the billion-euro mark while also sharpening the company's ability to retain talent. MAK has also demanded an acceleration of cost-cutting measures and tangible operational improvements by year-end. To cement its influence, the fund has nominated Wolfgang Hofmann for a seat on the supervisory board — a direct challenge to the current governance structure.
Management, however, is sticking to its own playbook. The internal transformation program, dubbed "Horizon," aims to consolidate Evotec's global footprint to just ten sites and slash annual costs by roughly 75 million euros by the end of 2027. For the current fiscal year, the company is guiding for group revenues between 700 million and 780 million euros, with adjusted EBITDA ranging from break-even to 40 million euros.
The supervisory board has countered MAK's move by putting forward a heavyweight candidate of its own: Dieter Weinand, a former Bayer AG board member and ex-CEO of Bayer Pharmaceuticals. Weinand's résumé also includes senior roles at Pfizer, Bristol Myers Squibb, and Sanofi. He is slated to replace Professor Dr. Iris Löw-Friedrich, whose term is set to expire at the AGM.
Should investors sell immediately? Or is it worth buying Evotec?
A Cash Infusion and a Tale of Two Businesses
Beyond the activist drama, Evotec has a more immediate financial catalyst in the pipeline. The company expects a roughly $100 million upfront payment from the sale of Tubulis to Gilead Sciences, with the transaction expected to close in the second quarter of 2026. Additional milestone payments in the double-digit millions could follow. This marks the fourth successful monetisation from Evotec's investment portfolio — a track record that bolsters the company's liquidity as it navigates its restructuring.
The need for that cash cushion becomes clear when looking at the underlying business. Evotec's early-stage drug discovery unit has been struggling, with revenues falling 13.5 percent last year. In contrast, the Just – Evotec Biologics division posted growth of around 40 percent. The net loss for the past financial year was cut roughly in half to about 104 million euros, providing some breathing room as the Horizon program takes shape.
Wide Analyst Divergence Reflects Uncertainty
The market's view of Evotec remains deeply divided. The stock recently slipped around five percent to 5.40 euros, leaving it more than 35 percent below its 52-week high. Yet the shares have also rallied nearly 30 percent over the past 30 days, underscoring the volatility surrounding the activist conflict.
Evotec at a turning point? This analysis reveals what investors need to know now.
Analyst price targets paint a picture of extreme disagreement. Deutsche Bank sees fair value at 4.50 euros, while Berenberg Bank is far more bullish at 9.70 euros — a gap that highlights just how much hinges on the outcome of the AGM and the execution of the Horizon program.
Before shareholders gather in June, Evotec will release first-quarter results in May. That report will offer an early read on whether the cost-cutting and operational improvements are gaining traction — or remain largely aspirational. If the Gilead payment flows as expected in the second quarter, the stock would have a solid foundation for further gains, but the activist showdown and the restructuring timeline will keep the pressure on management through the summer.
Ad
Evotec Stock: New Analysis - 24 April
Fresh Evotec information released. What's the impact for investors? Our latest independent report examines recent figures and market trends.
Disclaimer regarding our articles: No investment advice, no buy or sell recommendation. Information on prices, companies, and markets is provided without guarantee; changes are possible at any time. Stock market transactions can lead to substantial losses. Our articles are created and reviewed in whole or in part automatically with the support of AI.
