HAMBURG, Germany, June 19, 2014 (GLOBE NEWSWIRE) -- Evotec AG (Frankfurt:EVT) (TecDAX) (ISIN:DE0005664809) today announced that its research alliance with Boehringer Ingelheim has reached a milestone triggering a payment of € 1.0 m to Evotec. The milestone was for the transition of a back-up compound from a respiratory programme into pre-clinical development.
Dr Mario Polywka, Chief Operating Officer of Evotec, commented: "We have now achieved twenty three milestones as part of the collaboration with Boehringer Ingelheim. The completed research phase of this alliance has led to significant potential clinical milestones and royalties for compounds that are already in pre-clinical and clinical development if they progress successfully."
ABOUT THE EVOTEC & BOEHRINGER INGELHEIM ALLIANCE
In 2004, Evotec entered into a multi-year, multi-target drug discovery alliance with Boehringer Ingelheim to jointly identify and develop preclinical development candidates for the treatment of various disease areas including CNS, inflammation, cardiometabolic and respiratory diseases. In 2009, the collaboration was extended for an additional four years and the scope expanded to include oncology targets. Under the terms of the agreement, Boehringer Ingelheim has full ownership and global responsibility for clinical development, manufacturing and commercialisation of the compounds identified. In return, Evotec receives ongoing research payments and pre-clinical 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.
ABOUT EVOTEC AG
Evotec is a drug discovery alliance and development partnership company focused on rapidly progressing innovative product approaches with leading pharmaceutical and biotechnology companies. We operate worldwide providing the highest quality stand-alone and integrated drug discovery solutions, covering all activities from target-to-clinic. The Company has established a unique position by assembling top-class scientific experts and integrating state-of-the-art technologies as well as substantial experience and expertise in key therapeutic areas including neuroscience, pain, metabolic diseases as well as oncology and inflammation. Evotec has long-term discovery alliances with partners including Bayer, Boehringer Ingelheim, CHDI, Genentech, Janssen Pharmaceuticals, MedImmune/AstraZeneca, Roche and UCB. In addition, the Company has existing development partnerships and product candidates both in clinical and pre-clinical development. These include partnerships with Boehringer Ingelheim, MedImmune and Andromeda in the field of diabetes, with Janssen Pharmaceuticals in the field of depression and with Roche in the field of Alzheimer's disease. For additional information please go to www.evotec.com.
FORWARD-LOOKING STATEMENTS: Information set forth in this press release contains forward-looking statements, which involve a number of risks and uncertainties. The forward-looking statements contained herein represent the judgement of Evotec as of the date of this report. Such forward-looking statements are neither promises nor guarantees, but are subject to a variety of risks and uncertainties, many of which are beyond our control, and which could cause actual results to differ materially from those contemplated in these forward-looking statements. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any such statements to reflect any change in our expectations or any change in events, conditions or circumstances on which any such statement is based.
CONTACT: For further information, please contact Gabriele Hansen VP, Corporate Communications & Investor Relations +49.(0)40.560 81-255 +49.(0)40.560 81-333 Fax firstname.lastname@example.org Evotec AG Manfred Eigen Campus Essener Bogen 7 22419 Hamburg (Germany)Source:Evotec AG