MAK Capital Urges Evotec SE to Spin Off Biologics Unit and Appoint New Director
On April 6, 2026, MAK Capital Fund LP and its affiliates filed an amended Schedule 13D reporting a 7.0% ownership stake in Evotec SE (EVO), consisting of 12,503,512 ordinary shares. This amendment serves as a follow-up to their initial March 30 filing and includes a formal letter sent to Evotec's Supervisory and Management Boards on April 2, 2026. In the letter, MAK Capital expresses significant concern over the company's 90% share price decline over the past five years and the "lackadaisical pace" of its current restructuring plan. The filer proposes three primary strategic actions: first, the carve-out and U.S. public listing of Just β Evotec Biologics, which they believe could be valued higher than the entire current parent company; second, an acceleration of the "Horizon" restructuring timeline to deliver tangible results by late 2026; and third, the appointment of Dr. Wolfgang Hofmann to the Supervisory Board. MAK Capital indicates they are prepared to engage in a proxy contest if the board does not voluntarily nominate Dr. Hofmann.