- Evotec SE (NASDAQ:EVO) received a milestone payment of $75 million from Bristol Myers Squibb.
- The collaboration focuses on developing molecular glue degraders for oncology and other therapeutic areas.
- The partnership, established in 2018 and expanded in 2022, continues to advance its innovative pipeline.
Evotec SE (NASDAQ:EVO) has reported significant progress in its strategic collaboration with Bristol Myers Squibb, leading to a $75 million payment for achieving both performance-based and program-based milestones. This partnership leverages Evotec's high-performance multi-omics screening and AI-driven data analytics in combination with Bristol Myers Squibb's cereblon E3 ligase modulators (CELMoDs™) library.
Initiated in 2018 and expanded in 2022, the collaboration focuses on the development of molecular glue degraders, a cutting-edge drug discovery technology aimed at targeting "undruggable" proteins associated with various diseases, including oncology. This advancement signifies a substantial achievement in their joint research endeavors.
Dr. Cord Dohrmann, Chief Scientific Officer of Evotec, emphasized the continued expansion and promise of their molecular glue degrader pipeline, noting the immense potential to introduce multiple first-in-class products to the market. The strategic alliance targets high-value therapeutic areas, addressing significant unmet medical needs.
The recent milestone payment underscores Evotec's successful business model, reinforcing its financial standing and validating its technology platforms. This non-dilutive capital injection, representing about 6.3% of the company's market cap, strengthens Evotec’s financial position, enabling further investment in its robust drug discovery activities.
