Evotec Expands Neuroscience Collaboration with Bristol Myers Squibb to Include New Targeted Protein Degradation Approach

Rhea-AI Summary

Evotec expands its collaboration with Bristol Myers Squibb to address neurodegenerative diseases through a novel targeted protein degradation strategy. This initiative includes payments totaling US$ 15 million from Bristol Myers Squibb, enhancing their access to Evotec's proprietary platform. The collaboration, initiated in December 2016, aims to develop treatments for diseases like Alzheimer's, focusing on disease-causing proteins. Evotec's advanced iPSC platform, one of the largest in the industry, is utilized for innovative drug discovery and development.

Positive

• Expansion of collaboration with Bristol Myers Squibb for targeted protein degradation.
• Receipt of US$ 15 million from Bristol Myers Squibb enhances financial position.
• Utilization of Evotec's advanced iPSC platform for drug discovery.

Negative

• None.

• EXPANSION LEVERAGES A PROPRIETARY EVOTEC PLATFORM IN THE FIELD OF TARGETED PROTEIN DEGRADATION TO TACKLE SELECTED TARGETS WITH RELEVANCE FOR A RANGE OF NEURODEGENERATIVE CONDITIONS
• EVOTEC RECEIVES PAYMENTS OF IN TOTAL US$ 15 M FROM BRISTOL MYERS SQUIBB

HAMBURG, GERMANY / ACCESSWIRE / January 11, 2022 / Evotec SE (Frankfurt Stock Exchange: EVT, MDAX/TecDAX, ISIN: DE0005664809; NASDAQ: EVO) announced today that the Company has expanded its neurodegeneration collaboration with Bristol Myers Squibb (NYSE:BMY) with the initiation of discovery and development efforts regarding a new strategy to tackle neurodegenerative diseases including Alzheimer's through a novel approach to targeted protein degradation. Evotec receives payments totalling US$ 15 m from Bristol Myers Squibb.

Under the expansion, Bristol Myers Squibb increases its access to a novel targeted protein degradation approach. The focus will be on selected targets that are relevant to a range of neurodegenerative conditions.

Dr Cord Dohrmann, Chief Scientific Officer of Evotec, commented: "Our collaboration with Bristol Myers Squibb in the field of neurodegenerative disease continues to be highly productive. Many neurodegenerative diseases are driven by disease-causing proteins which have proven to be elusive to traditional drug discovery approaches. We are committed to continuously explore novel drug targeting mechanisms and modalities and are delighted to have a strong partner with BMS in this endeavour."

The neurodegeneration collaboration between Evotec and Bristol Myers Squibb was initiated in December 2016 with the goal of identifying disease-modifying treatments for a broad range of neurodegenerative diseases. Currently approved drugs only offer short-term management of the patients' symptoms despite a huge unmet medical need for drugs that have the potential to slow down or reverse disease progression. The collaboration leverages Evotec's industrialised iPSC platform using patient-derived disease models, which is one of the largest and most sophisticated platforms in the industry.

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 4,000 highly qualified people. The Company's 14 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 completion of the offering. 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 & Marketing, Phone: +49.(0)40.56081-255, gabriele.hansen@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 AG

View source version on accesswire.com:
https://www.accesswire.com/681999/Evotec-Expands-Neuroscience-Collaboration-with-Bristol-Myers-Squibb-to-Include-New-Targeted-Protein-Degradation-Approach

FAQ

What is Evotec's new collaboration with Bristol Myers Squibb about?

Evotec has expanded its collaboration with Bristol Myers Squibb to tackle neurodegenerative diseases using a targeted protein degradation approach.

How much funding did Evotec receive from Bristol Myers Squibb?

Evotec received a total of US$ 15 million from Bristol Myers Squibb as part of their expanded collaboration.

When did the collaboration between Evotec and Bristol Myers Squibb start?

The collaboration between Evotec and Bristol Myers Squibb began in December 2016.

What diseases are being targeted in the Evotec and Bristol Myers Squibb collaboration?

The collaboration focuses on neurodegenerative diseases, including Alzheimer's.

What platform does Evotec utilize for drug discovery?

Evotec leverages its advanced iPSC platform, one of the largest in the industry, for innovative drug discovery.