Evotec Receives a EUR 2.5 Million Milestone Payment in its Research Collaboration with Boehringer Ingelheim
News Oct 22, 2009
The collaboration, which was initiated in August 2004, has up to now resulted in seven milestone payments. The achievement of the current milestone has led to a payment to Evotec of EUR 2.5 million. The milestone was achieved for the selection of a candidate compound for Pre-Development studies in a cardiometabolic program.
Dr Werner Lanthaler, Chief Executive Officer of Evotec, commented: “We are extremely pleased that we have achieved another milestone in our alliance with Boehringer Ingelheim. This is the second milestone that we have achieved in 2009 and further demonstrates the success of our collaboration. We are looking forward to continuing our collaboration into 2010 and beyond and achieving further milestones as we progress several projects towards the clinic.”
About the Collaboration
In 2004, Evotec entered into a multi-year drug discovery collaboration with Boehringer Ingelheim to jointly identify and develop preclinical development candidates for the treatment of various diseases. Under the terms of the agreement, Boehringer Ingelheim has full ownership and global responsibility for clinical development, manufacturing and commercialization of the compounds identified. In return, Evotec receives ongoing research payments and preclinical milestones. Furthermore, the contract provides substantial long-term upside for Evotec through potential payments for successful milestone achievements during clinical development and royalties when new drugs reach the market.