Activist investor MAK Capital has called on German biotech group Evotec SE to pursue a listing of its US-based subsidiary, Just Biologics, arguing the move could unlock significant shareholder value, according to a report by Bloomberg.

The report cites a letter to management disclosed in a recent regulatory filing as revealing that the fund – founded by Michael A Kaufman – said a US listing for the Seattle-headquartered unit could achieve a valuation exceeding €1bn. MAK believes such a step would broaden the investor base, provide fresh capital to support expansion, and strengthen the company’s ability to attract and retain talent.

The intervention comes after a prolonged decline in Evotec’s share price, which has dropped by roughly 85% over the past five years. The stock is also down about 17% since the start of 2025, leaving the company with a market capitalisation of approximately €800m.

MAK Capital, which recently disclosed a 7% stake in the business, also criticised the pace of Evotec’s ongoing restructuring efforts. According to the fund, the current timeline delays meaningful margin improvement until 2027 or later, raising concerns about potential erosion of the company’s competitive position.

Instead, the investor is urging management to accelerate cost reductions and begin demonstrating measurable operational progress in the second half of this year.

In addition, MAK has proposed changes to the supervisory board. The fund has nominated Wolfgang Hofmann, a former executive at Novartis and Fresenius, to replace Duncan McHale, whose term is due to conclude at the upcoming annual shareholder meeting.

Evotec reportedly did not immediately respond to requests for comment outside standard business hours.