Evotec Meets Key Milestones In Partnership With Bristol Myers On Targeted Protein Degradation

(RTTNews) - Evotec SE (EVTCY.PK, EVOTF.PK), a drug discovery alliance and development partnership company, Thursday said it has achieved key milestones in its partnership with Bristol Myers Squibb (BMY) on targeted protein degradation.

Evotec receives undisclosed milestone payments as well as research funding for the further development of the programmes and can earn further significant success-based milestone payments.

In addition, the company is entitled to tiered, potentially double-digit royalties of the net sales of programmes developed under the partnership.

Evotec and Bristol Myers - the successor in interest to Celgene - initiated their long-term strategic drug discovery and development partnership in the field of targeted protein degradation in 2018 with the goal to identify novel drug targets.

The company said the first two targets have now transitioned into drug discovery after completing a comprehensive target validation process on Evotec's platforms.

Targeted degradation of these novel targets impacts an established cancer pathway with the promise of providing new therapeutic options for difficult-to-treat breast cancers. Evotec said it will be responsible for progressing the drug discovery programmes to IND filing.