HAMBURG, Germany--(BUSINESS WIRE)--Evotec AG (Frankfurt Stock Exchange: EVT, TecDAX, ISIN: DE0005664809) announced today that Evotec and Celgene Corporation ("Celgene") have entered into a long-term strategic drug discovery and development partnership to identify new therapeutics in oncology.
Evotec has built one of the industry's broadest and most innovative pre-clinical discovery and development platforms. This includes in particular an industry-leading phenotypic screening platform with unique compound libraries and associated target deconvolution capabilities. The collaboration intends to leverage these capabilities with an initial focus on solid tumours.
Celgene receives exclusive opt-in rights to license worldwide rights to all programmes developed within this collaboration. Under the terms of the agreement, Evotec will receive an upfront payment of $ 65 m and may be eligible to receive significant milestone payments as well as tiered royalties on each licensed programme.
Dr Cord Dohrmann, Chief Scientific Officer of Evotec, said: "We are extremely pleased and encouraged about the opportunity to enter into a second major alliance with our colleagues at Celgene. Our first alliance in neurodegenerative diseases has already proven that both companies and teams are united by the same spirit and objectives bringing new and better treatment to patients."
About Evotec AG
Evotec is a drug discovery alliance and development partnership company focused on rapidly progressing innovative product approaches with leading pharmaceutical and biotechnology companies, academics, patient advocacy groups and venture capitalists. We operate worldwide providing the highest quality stand-alone and integrated drug discovery solutions, covering all activities from target-to-clinic to meet the industry's need for innovation and efficiency in drug discovery (EVT Execute). The Company has established a unique position by assembling top-class scientific experts and integrating state-of-the-art technologies as well as substantial experience and expertise in key therapeutic areas including neuroscience, diabetes and complications of diabetes, pain and inflammation, oncology and infectious diseases. On this basis, Evotec has built a broad and deep pipeline of more than 80 partnered product opportunities at clinical, pre-clinical and discovery stages (EVT Innovate). Evotec has established multiple long-term discovery alliances with partners including Bayer, CHDI, Sanofi or UCB and development partnerships with e.g. with Sanofi in the field of diabetes, with Pfizer in the field of tissue fibrosis and Celgene in the field of neurodegenerative diseases. For additional information please go to www.evotec.com and follow us on Twitter @EvotecAG.
FORWARD LOOKING STATEMENTS
Information set forth in this press release contains forward-looking statements, which involve a number of risks and uncertainties. The forward-looking statements contained herein represent the judgement of Evotec as of the date of this press release. Such forward-looking statements are neither promises nor guarantees, but are subject to a variety of risks and uncertainties, many of which are beyond our control, and which could cause actual results to differ materially from those contemplated in these forward-looking statements. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any such statements to reflect any change in our expectations or any change in events, conditions or circumstances on which any such statement is based.
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