Evotec Announces Three-Year Drug Discovery Collaboration
News Dec 05, 2008
Evotec will apply its drug discovery platform in combination with its extensive disease biology expertise to advance a drug discovery program against a target nominated by Novartis through discovery into the clinic. Furthermore, the agreement may be expanded by the addition of a second program.
Under the terms of the agreement, Evotec will progress the programs up to preclinical development and Novartis will then have the responsibility for all clinical development activities, manufacture and commercialization of the compounds.
In return for Evotec’s contributions to the research program, Evotec is eligible for an upfront payment, research funding as well as preclinical and clinical milestone payments that could exceed $ 28 million. In addition, Novartis will pay royalties on sales of any marketed products resulting from the collaboration.
Jorn Aldag, President & Chief Executive Officer of Evotec, said: "We are delighted that Novartis has chosen to collaborate with Evotec. Novartis’ decision to work with us is further recognition of our track record in advancing compounds into the clinic. We are excited to be leveraging our drug discovery expertise with such a world class company.”