Evotec and Bristol Myers Squibb Extend and Expand Strategic Partnership
ACCESSWIRE
11 May 2022, 01:01 GMT+10
HAMBURG, GERMANY / ACCESSWIRE / May 10, 2022 / Evotec SE (Frankfurt Stock Exchange: EVT, MDAX/TecDAX, ISIN: DE 000 566480 9, WKN 566480; NASDAQ:EVO) announces today that the Company has extended and expanded its partnership with Bristol Myers Squibb (BMY) in targeted protein degradation, originally signed in 2018.
Aim of the eight-year extension is to develop a broad pipeline of molecular glue degraders which are small, drug-like compounds. Bristol Myers Squibb is a leader in this field in particular based on its unique library CELMoD®.
Under the terms of the agreement, Evotec's proprietary EVO panOmics and EVO panHunter platforms as well as AI/ML-based drug discovery and development platforms will be leveraged.
Evotec receives an upfront payment of $ 200 m and expects to obtain further performance-based, near-term and programme-based milestone payments, resulting in a deal potential of $ 5 bn with additional tiered royalties on product sales.
- End of ad hoc release -
Contact: Dr Werner Lanthaler, Chief Executive Officer, Evotec SE, Manfred Eigen Campus, Essener Bogen 7, 22419 Hamburg, Germany, Phone: +49.(0)40.560 81-242, werner.lanthaler@evotec.com
SOURCE: Evotec AG
View source version on accesswire.com:
https://www.accesswire.com/700772/Evotec-and-Bristol-Myers-Squibb-Extend-and-Expand-Strategic-Partnership
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