Activist Shadows Loom Over European Biotech: Quiet 13D Stake Accumulation Detected

According to a recent Schedule 13D filing for Evotec SE (EVO), an investor purchased hundreds of thousands of shares on the open market between March 11 and April 22, 2026. The purchase price ranged from approximately €4.07 to €5.64 per share, and the summary did not disclose the investor’s identity, the resulting stake, or their specific intentions.

In early April 2026, Evotec announced its fourth-quarter and full-year 2025 results, revealing that it will receive an upfront payment of about $100 million (approximately KRW 140 billion) from the sale of its portfolio company Tubulis to Gilead Sciences.

Activist fund MAK Capital recently disclosed in an amended Schedule 13D that it holds a 7.0% stake in Evotec and is calling for the spin-off and public listing of the biologics business, as well as changes to the board. Meanwhile, the company is undergoing restructuring that includes replacing its CFO, cutting around 800 positions, and downsizing facilities.

Headquartered in Hamburg, Germany, Evotec is a drug-discovery and development platform company operating under a contract research organization (CRO) model, providing R&D services to global pharmaceutical and biotech clients from preclinical through early clinical stages. The global biotech and CRO sector is experiencing ongoing restructuring and pipeline realignment as large pharmaceutical firms expand research outsourcing, intensifying competition for partnership deals and heightening pressure on cost efficiency.