QOL Medical to acquire Evoke Pharma (NASDAQ: EVOK) for $11 per share in cash

QOL Medical LLC agreed to acquire Evoke Pharma Inc. (NASDAQ: EVOK) for $11.00 per share in cash through a tender offer, the companies announced. The transaction represents a 139.7% premium to Evoke’s closing share price on November 3, 2025.

The boards of directors of both companies unanimously approved the deal, which is expected to close by the end of 2025. QOL Medical will finance the acquisition using cash on hand, with no financing condition attached to the transaction.

Evoke is a specialty pharmaceutical company that developed and markets GIMOTI, a nasal spray formulation of metoclopramide for treating diabetic gastroparesis in adults. The drug received FDA approval as the first nasal spray formulation of metoclopramide for this indication.

QOL Medical, a privately held biopharmaceutical company founded in 2003, focuses on treatments for gastrointestinal and rare diseases. The company specializes in acquiring and commercializing orphan and gastrointestinal products in underserved markets.

Under the merger agreement terms, QOL Medical will initiate a tender offer requiring at least a majority of outstanding Evoke shares to be tendered. Upon successful completion of the tender offer, a QOL Medical subsidiary will merge into Evoke, with remaining shares converted to the same $11.00 per share price.

Stifel serves as exclusive financial advisor to Evoke, while Latham & Watkins provides legal counsel. Hill Ward Henderson acts as legal counsel to QOL Medical.