MAK Capital Increases Stake in Evotec SE to 7%, Proposes Governance Changes and Biologics Spin-Out

MAK Capital Fund LP has filed a Schedule 13D disclosing a 7% ownership stake in Evotec SE, representing 12,503,512 ordinary shares. The investment firm increased its position from 5.3% to 7% through open market purchases totaling approximately €72.3 million over the past 60 days. On March 30, 2026, MAK representatives engaged with Evotec's supervisory board chair to propose strategic changes, including nominating Dr. Wolfgang Hofmann to the supervisory board and recommending an IPO and subsequent spin-out of the Just-Evotec Biologics US subsidiary. MAK believes these governance and strategic improvements would enhance long-term shareholder value. The filing indicates MAK intends to continue actively engaging with Evotec's management and supervisory boards regarding these matters. No agreements were reached during the initial discussions, and the company has not committed to any specific actions.