## Activist Fund MAK Capital Pushes Evotec to Spin Off US Unit in Bid to Reverse 85% Share Slump
German biotech giant Evotec SE is facing direct pressure from activist investor MAK Capital to unlock value through a major corporate shake-up. The fund, led by Michael A. Kaufman, has formally urged Evotec's leadership to pursue a public listing for its US business unit, a move that could value the division at over €1 billion. This demand comes as the company grapples with a staggering 85% collapse in its share price over the last five years, signaling deep investor frustration with the current strategic direction.

The push for a US spin-off is paired with a call to accelerate Evotec's existing cost-cutting initiatives. MAK Capital's intervention highlights a critical juncture for the Hamburg-based drug discovery and development partner, suggesting that incremental measures are insufficient to restore market confidence. The proposed listing represents a significant structural shift aimed at isolating and highlighting the value of its American operations, which are a key part of its global footprint.

The outcome of this pressure campaign could reshape Evotec's corporate architecture and capital allocation strategy. If management resists, it risks a protracted battle with a determined shareholder at a time of severe stock underperformance. Conversely, pursuing the spin-off could provide a substantial cash infusion and sharpen the company's operational focus, but also carries execution risks and the potential to dilute the integrated global model that has defined Evotec's business.
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- **Source**: Bloomberg Markets
- **Sector**: The Vault
- **Tags**: activist_investor, biotech, corporate_restructuring, ipo, shareholder_pressure
- **Credibility**: unverified
- **Published**: 2026-04-06 20:27:02
- **ID**: 51879
- **URL**: https://whisperx.ai/en/intel/51879