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MARKETS LIVE BLOG:

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Fed's Goolsbee says 'It makes sense to wait' before cutting rates

UPDATE 1-German biotech Evotec seeks over $9 bln valuation in U.S. IPO

Reuters
·1 min read

(Adds share sale details)

Oct 26 (Reuters) - German biotech firm Evotec SE said on Tuesday it would seek a valuation of about $9.2 billion in its initial public offering in the United States.

The company has a market capitalization of $8.3 billion on the Frankfurt Stock Exchange, where its shares are already listed, according to Refinitiv data.

Founded in 1993, Hamburg-headquartered Evotec offers a suite of technologies that enable faster and cheaper drug discoveries by pharmaceutical companies.

The company last year received a grant from the Bill & Melinda Gates Foundation to help identify and develop potential monoclonal antibody drugs for the prevention of severe COVID-19.

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Evotec said in its filing that it would look to raise up to $575.5 million in the IPO by offering 22 million American depositary shares (ADSs) at $26.16 each. Each ADS represents one-half of an ordinary share.

BofA Securities and Morgan Stanley are the lead underwriters for the offering. (Reporting by Niket Nishant in Bengaluru; Editing by Krishna Chandra Eluri and Aditya Soni)