Evotec Says Bristol Myers Squibb Exercises Option To Enter Global License For EVT8683

(RTTNews) - Evotec SE (EVTCY.PK, EVOTF.PK), a German drug discovery alliance and development partnership company, Thursday announced that Bristol Myers Squibb Co. (BMY) has exercised its option to enter into an exclusive global license for EVT8683.

It is the first program from the companies' broader neurodegeneration collaboration.

Through this opt-in, Bristol Myers Squibb will lead further development and commercialisation. Evotec receives an option payment of $20 million and is eligible to earn up to $250 million in milestone payments and up to low double-digit royalties.

EVT8683 is a small molecule targeting a key cellular stress response that holds great promise in various neurodegenerative indications and is ready to enter clinical development.

The programme originated from a phenotypic screening approach based on Evotec's leading iPSC platform and reached IND filing within only 5 years.

Under an option agreement with Celgene, which is now a Bristol Myers Squibb company, Bristol Myers Squibb has rights to additional programmes in neurodegenerative diseases.

Bristol Myers Squibb has now exercised its option to enter into a global License Agreement for EVT8683 just 4.5 years after initiating the partnership.

Cord Dohrmann, Chief Scientific Officer of Evotec SE, said, "We are very excited to bring a first drug candidate which originated from Evotec's iPSC discovery platform into the clinic. EVT8683 is targeting a highly promising mechanism of the cellular stress response and has already demonstrated a very compelling pre-clinical efficacy and safety profile."