Evotec and Boehringer Ingelheim Achieve Milestone in Joint Discovery Collaboration
Hamburg, Germany - Evotec AG (Frankfurt Stock Exchange: EVT; NASDAQ: EVTC) today announced that a third milestone has been successfully achieved in their collaboration with Boehringer Ingelheim. Under the terms of the drug discovery contract, Evotec will receive a milestone payment from Boehringer Ingelheim which was granted for the selection of an advanced compound for profiling to enable the start of preclinical development.
Further projects within the multi-target collaboration are progressing and are on track to achieve additional project milestones for which Evotec is entitled to receive additional payments from Boehringer Ingelheim. Furthermore, the contract provides substantial long-term upside through potential payments for successful milestone achievements during clinical development and royalties when new drugs reach the market. Further financial details of the payment were not disclosed.
Dr John Kemp, Chief Research and Development Officer at Evotec, commented: “We are proud to have achieved this important milestone in one of our projects with Boehringer Ingelheim. This further demonstrates our capabilities to discover novel drugs based on our drug discovery expertise. Our collaboration with Boehringer Ingelheim is progressing very well and we are looking forward to continued success.”
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