EVOTF - Bristol Myers extends protein degradation deal with Evotec

The ADRs of Evotec SE (NASDAQ:EVO) (OTCPK:EVOTF) have surged in the pre-market Tuesday after the German biotech announced an eight-year extension for its partnership with Bristol Myers Squibb (BMY) in targeted protein degradation. Per the terms, the parties will make full use of Evotec’s (EVO) EVOpanOmics and EVOpanHunter platforms as well AI/ML-based drug discovery and development platforms in a partnership spanning until 2030. In return, the company will receive $200 million upfront payment and milestone payments from the U.S. pharma giant, valuing the deal up to $5 billion in total with additional tiered royalties on product sales. Bristol (BMY) with its library of cereblon E3 ligase modulators is a leader in protein degradation, a process that can lead to long-term therapeutic effects. The renewed partnership aims to develop a pipeline of molecular glue degraders which cause protein degradation by driving interactions between an E3 ubiquitin ligase and a molecular target. Read: The deal first

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Bristol Myers extends protein degradation deal with Evotec