Activist fund MAK Capital, led by Michael A. Kaufman, has pressured German biotech firm Evotec SE to spin off its US operations into a separate listing. The unit carries an estimated valuation of over €1 billion, representing a significant strategic move for the struggling company. MAK Capital simultaneously pushed for accelerated cost-cutting measures to improve operational efficiency and restore investor confidence.

Evotec's share price has plummeted approximately 85% over the past five years, reflecting investor dissatisfaction with the company's performance. This dramatic decline provides context for MAK Capital's intervention as the activist fund seeks to unlock shareholder value through corporate restructuring and improved financial management strategies.

The potential US listing could provide Evotec with better access to capital markets and higher valuation multiples enjoyed by biotech firms in the US. Activist investors increasingly target European companies they believe are undervalued, pushing for strategic changes that align with global market expectations and shareholder returns amid persistent industry challenges.