Evoke Pharma (NASDAQ:EVOK) shares surged 134% on Tuesday after the company revealed it had signed a definitive agreement to be acquired by QOL Medical, a privately held biopharmaceutical company focused on gastrointestinal and rare diseases.
Under the terms of the deal, QOL Medical will acquire Evoke for $11.00 per share in cash, representing a 139.7% premium to Evoke’s closing share price on November 3, 2025. The transaction, unanimously approved by the boards of directors of both firms, will be executed through a tender offer and is expected to close by the end of 2025.
The acquisition underscores the strategic importance of Evoke’s flagship product, GIMOTI, the first and only FDA-approved nasal spray formulation of metoclopramide for treating acute and recurrent diabetic gastroparesis in adults.
“Since inception, Evoke has remained singularly focused on serving the diabetic gastroparesis community by developing and delivering a new treatment option for a historically underserved population,” said Matt D’Onofrio, Founder and Chief Executive Officer of Evoke Pharma.
QOL Medical described the deal as a strategic addition to its gastrointestinal portfolio. Derick Cooper, Chief Executive Officer of QOL Medical, said that GIMOTI “advances our mission to support patients living with rare and underserved gastrointestinal conditions.”
The transaction is not contingent on financing, as QOL Medical plans to fund the purchase with existing cash reserves. Once the tender offer is complete, a QOL Medical subsidiary will merge with Evoke, and any remaining Evoke shares will be converted into the right to receive the same $11.00 per share in cash.