EVO - Evotec gets $50M upfront from Bristol Myers in pact to develop neuro disease drugs

March, 28 2023 06:24 AM Evotec SE

2023-03-28 06:24:03 ET

Bristol Myers Squibb ( NYSE: BMY ) and Evotec ( NASDAQ: EVO ) have expanded their partnership for another eight years to discover and develop neurodegenerative diseases.
Germany-based Evotec will get $50M upfront, undisclosed license and performance milestone payments, plus royalties on product sales. Including the upfront and downstream performance milestone payments, the overall transaction results in a deal potential of $4B, according to the companies.
Evotec started the collaboration in 2016 with Celgene, which was acquired by Bristol Myers, to identify disease-modifying therapies for neurodegenerative diseases.
The partnership uses Evotec's modality-agnostic precision medicine platforms and has already generated certain discovery and pre-clinical-stage candidates.
The first program EVT8683 was licensed by Bristol Myers in September 2021 and is currently in phase 1, according to the companies.
"This next extension beyond 2030 is a testament to the success and trust of the partnership as well as to the high degree of confidence placed in our platforms and the complementary approach to generate a leading pipeline of highly innovative drug candidates," said Evotec Chief Scientific Officer Cord Dohrmann.

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