Evotec Announces Progress in Strategic Protein Degradation Partnership with Bristol Myers Squibb

Rhea-AI Summary

Evotec SE announced progress in its partnership with Bristol Myers Squibb, specifically in the development of a molecular glue-based pipeline. This advancement has triggered performance-based payments totaling US$ 75 million to Evotec. The collaboration, established in 2018 and further expanded in May 2022, aims to develop novel molecular glue degraders targeting oncology and more. The company's innovative approach leverages advanced technologies to enhance drug discovery, potentially leading to significant therapeutic advancements. This partnership emphasizes Evotec's commitment to building a leading pipeline through systematic molecular glue development.

Positive

• Triggered US$ 75 million in performance-based payments due to successful partnership progress.
• Expansion of the partnership with Bristol Myers Squibb highlights strong collaboration results.
• Development of a promising pipeline of molecular glue degraders targeting high-value oncology therapies.

Negative

• None.

• KEY SCIENTIFIC ACHIEVEMENTS DRIVE THE EXPANSION OF THE PIPELINE OF MOLECULAR GLUE DEGRADERS
• PERFORMANCE-BASED AND PROGRAMME-BASED PAYMENTS OF IN TOTAL US$ 75 M TO EVOTEC

HAMBURG, GERMANY / ACCESSWIRE / March 16, 2023 / Evotec SE (Frankfurt Stock Exchange:EVT)(MDAX/TecDAX, ISIN: DE0005664809)(NASDAQ:EVO) today announced progress within the Company's strategic partnership with Bristol Myers Squibb relating to building a molecular glue-based pipeline. Performance-based and programme-based achievements trigger payments of in total US$ 75 m to Evotec.

Evotec and Bristol Myers Squibb entered their strategic protein degradation partnership in 2018 and expanded it in May of 2022, because of the highly productive initial collaboration generating a promising pipeline. Since the expansion, Evotec has significantly scaled up its activities to develop highly promising compounds from Bristol Myers Squibb's industry-leading library of cereblon E3 ligase modulators ("CELMoDs™"). The partnership continues to deliver on its goal to build a leading pipeline of novel molecular glue degraders, targeting high-value targets in the field of oncology and beyond.

Dr Cord Dohrmann, Chief Scientific Officer of Evotec, commented: "The recent extension and expansion of our partnership with BMS continues to deliver high value programs. Our Omics-based, highly systematic, and industrialised approach to identify very promising molecular glues continually exceeds all expectations and will translate into an extraordinary pipeline of first-in-class product opportunities."

About molecular glue degraders

Conventional small molecule therapeutics work via a drug-induced interference with a protein activity. This limitation to agonistic or antagonistic functions renders about 90% of proteins "undruggable". Also, conventional small molecules only work while they are actively binding to the receptor, which typically requires a treatment regimen consisting of one or even several carefully dosed medications every day.

Molecular glue degraders are compounds that induce interactions between an E3 ubiquitin ligase and a molecular target. The induced interaction results in ubiquitination and subsequent degradation of the recruited protein. Through this mechanism of action molecular glues are not restricted to the agonistic/antagonistic features of a protein, thus massively expanding the range of the druggable proteome. Also, the molecular glue itself is not degraded in the process and can trigger the degradation process several times over, thus leading to longer-lasting therapeutic effects.

About Evotec's strategic partnership with Bristol Myers Squibb in molecular glues

In 2018, Evotec entered a long-term strategic drug discovery and development partnership in the field of molecular glues with Celgene, now Bristol Myers Squibb. Bristol Myers Squibb is a leader in this field based on its unique library of cereblon E3 ligase modulators (CELMoDs™). The aim of this strategic alliance is to discover and develop a leading pipeline of molecular glue degraders for a range of therapeutic indications leveraging all of Evotec's proprietary PanOmics and PanHunter platforms as well as A.I./M.L.-based drug discovery and development capabilities.

Evotec applies high-end proteomics and transcriptomics at industrial scale to profile and select promising drug candidates based on comprehensive cell biological profiles. Evotec's leading PanOmics screening capabilities are delivering unmatched throughput. The selection of the most promising candidates for drug development is facilitated by Evotec's PanOmics data analysis platform PanHunter, which was recently launched commercially as a software-as-a-service ("SAAS") solution. PanHunter supports the integration and analysis of these data sets and thereby enables the selection of the most promising CELMoDs™ for further progression into lead optimisation.

Evotec announced in May of 2022 that the Company has further extended and expanded its partnership with Bristol Myers Squibb for another 8 years as the initial collaboration proved to be highly productive in generating a promising pipeline of molecular glue degraders.

ABOUT EVOTEC SE

Evotec is a life science company with a unique business model that delivers on its mission to discover and develop highly effective therapeutics and make them available to the patients. The Company's multimodality platform comprises a unique combination of innovative technologies, data and science for the discovery, development, and production of first-in-class and best-in-class pharmaceutical products. Evotec leverages this "Data-driven R&D Autobahn to Cures" for proprietary projects and within a network of partners including all Top 20 Pharma and over 800 biotechnology companies, academic institutions, as well as other healthcare stakeholders. Evotec has strategic activities in a broad range of currently underserved therapeutic areas, including e.g. neurology, oncology, as well as metabolic and infectious diseases. Within these areas of expertise, Evotec aims to create the world-leading co-owned pipeline for innovative therapeutics and has to-date established a portfolio of more than 200 proprietary and co-owned R&D projects from early discovery to clinical development. Evotec operates globally with more than 4,500 highly qualified people. The Company's 17 sites offer highly synergistic technologies and services and operate as complementary clusters of excellence. For additional information please go to www.evotec.com and follow us on Twitter @Evotec and LinkedIn.

FORWARD-LOOKING STATEMENTS

This announcement contains forward-looking statements concerning future events, including the proposed offering and listing of Evotec's securities. Words such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "might," "plan," "potential," "should," "target," "would" and variations of such words and similar expressions are intended to identify forward-looking statements. Such statements include comments regarding Evotec's expectations for revenues, Group EBITDA and unpartnered R&D expenses. These forward-looking statements are based on the information available to, and the expectations and assumptions deemed reasonable by Evotec at the time these statements were made. No assurance can be given that such expectations will prove to have been correct. These statements involve known and unknown risks and are based upon a number of assumptions and estimates, which are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of Evotec. Evotec expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Evotec's expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.

Media Contact Evotec SE:

Gabriele Hansen, SVP Head of Global Corporate Communications, Phone: +49.(0)40.56081-255, gabriele.hansen@evotec.com

Hinnerk Rohwedder, Director of Global Corporate Communications, Tel.: +49.(0)151 4070-4843, hinnerk.rohwedder@evotec.com

IR Contact Evotec SE:

Volker Braun, SVP Head of Global Investor Relations & ESG, Phone: +49.(0)40.56081-775, volker.braun@evotec.com

SOURCE: Evotec SE

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FAQ

What recent financial achievements did Evotec report in March 2023?

In March 2023, Evotec reported US$ 75 million in performance-based payments triggered by progress in their partnership with Bristol Myers Squibb.

What is the focus of Evotec's partnership with Bristol Myers Squibb?

The partnership focuses on developing a pipeline of molecular glue degraders, particularly targeting oncology.

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

The strategic partnership was established in 2018.

How much was the partnership with Bristol Myers Squibb expanded in May 2022?

The partnership was expanded in May 2022 for an additional 8 years.

What is the significance of molecular glue degraders in drug development?

Molecular glue degraders allow for the degradation of 'undruggable' proteins, expanding the range of targets in drug development.