Evotec and Bristol Myers Squibb Extend and Expand Strategic Partnership

Rhea-AI Summary

Evotec SE has announced the extension and expansion of its partnership with Bristol Myers Squibb in the field of targeted protein degradation, originally established in 2018. This eight-year extension aims to develop a robust pipeline of molecular glue degraders. Evotec will utilize its EVO panOmics and EVO panHunter platforms for this endeavor. The company has received an upfront payment of $200 million, with potential total deal value reaching $5 billion, including additional royalties on product sales.

Positive

• Received an upfront payment of $200 million.
• Total potential deal value can reach $5 billion.
• Utilizing advanced drug discovery platforms (EVO panOmics, EVO panHunter).

Negative

• None.

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

FAQ

What is Evotec's partnership with Bristol Myers Squibb about?

Evotec has extended its partnership with Bristol Myers Squibb to develop a pipeline of targeted protein degraders.

How much is Evotec's upfront payment from Bristol Myers Squibb?

Evotec received an upfront payment of $200 million.

What is the total potential value of the deal between Evotec and Bristol Myers Squibb?

The total potential value of the deal can reach $5 billion, including performance milestone payments.

When was the original partnership between Evotec and Bristol Myers Squibb established?

The original partnership was established in 2018.

What platforms will Evotec use in its partnership with Bristol Myers Squibb?

Evotec will leverage its EVO panOmics and EVO panHunter platforms along with AI/ML-based drug discovery technologies.