Evotec Announces Progress in Strategic Neuroscience Partnership with Bristol Myers Squibb
Evotec SE (EVT) announced a scientific achievement in its strategic partnership with Bristol Myers Squibb, resulting in a US$ 25 million payment to further research the joint neuroscience pipeline. The collaboration aims to develop disease-modifying treatments for neurodegenerative diseases, with a successful Phase I study leading to a Phase II study for BMS-986419 scheduled to commence in 2024. Dr. Cord Dohrmann, Chief Scientific Officer of Evotec, expressed confidence in delivering new therapeutic options for patients affected by neurological disorders.
The announcement of Evotec's receipt of a US$ 25 million payment from its partnership with Bristol Myers Squibb is a significant financial event, reflecting a milestone achievement in their joint neuroscience pipeline. This infusion of capital is likely to support Evotec's research activities, potentially enhancing its research and development capabilities. For investors, such a payment not only signifies progress in Evotec's collaborative efforts but also suggests a degree of confidence from Bristol Myers Squibb in the shared projects, particularly the EVT8683 programme transitioning into Phase II.
From a financial perspective, the payment may positively impact Evotec's short-term cash flow, providing the resources needed to continue its research endeavors. In the long term, should the EVT8683 programme, now known as BMS-986419, succeed in further clinical trials, it could lead to substantial revenue through commercialization rights or royalties. It's crucial to monitor the development of this asset, as clinical success rates can be unpredictable and the neuroscience field is particularly complex and challenging.
The progression of EVT8683 into Phase II studies is a pivotal step in the drug development process, indicating preliminary safety and efficacy in humans. Phase II will further assess the drug's efficacy, dosage and side effects. Given the high unmet medical need in neurodegenerative diseases, a successful outcome could have a profound impact on the treatment landscape and patient outcomes. The focus on disease-modifying treatments is particularly noteworthy, as current therapies largely revolve around symptom management rather than altering disease progression.
Evotec's PanOmics approach, which integrates genomic, proteomic and phenotypic data, alongside patient-derived cellular models, exemplifies the cutting-edge research methodologies aimed at developing more targeted and effective therapies. These approaches could lead to significant advancements in personalized medicine for neurological disorders. However, it is important to keep in mind the inherent risks and high attrition rates in drug development, especially in the challenging field of neurodegenerative diseases.
The strategic extension and expansion of the partnership between Evotec and Bristol Myers Squibb for an additional 8 years underscores the long-term commitment to neuroscience drug discovery and development. This alliance leverages Evotec's drug discovery platform and Bristol Myers Squibb's development and commercialization prowess, which could potentially accelerate the delivery of new therapies to market. The neuroscience sector, while high-risk due to the complexity of brain disorders, offers high reward potential given the lack of disease-modifying treatments in neurodegenerative diseases.
For stakeholders in the biotech industry, this collaboration exemplifies a successful model of partnership where shared risks and expertise can lead to accelerated innovation. The focus on neurodegenerative diseases taps into a growing market need, with an aging global population and increasing prevalence of conditions such as Alzheimer's and Parkinson's disease. The successful progression of their joint pipeline could have significant implications for the competitive landscape, potentially positioning Evotec and Bristol Myers Squibb as key players in the neuroscience field.
01/08/2024 - 01:50 AM
KEY SCIENTIFIC ACHIEVEMENT ADVANCES THE JOINT NEUROSCIENCE PIPELINE AND EARNS A PAYMENT OF US$ 25 M TO EVOTEC TO PROGRESS FURTHER RESEARCH HAMBURG, GERMANY / ACCESSWIRE / January 8, 2024 / Evotec SE (Frankfurt Stock Exchange: EVT, MDAX/TecDAX, ISIN: DE0005664809; NASDAQ:EVO) today announced progress within the Company's strategic partnership with Bristol Myers Squibb, further bolstering the joint pipeline of advanced neuroscience programmes. Evotec receives a US$ 25 m payment to progress further research.
Evotec and Bristol Myers Squibb entered their strategic neuroscience collaboration in December 2016 to identify disease-modifying treatments for a broad range of neurodegenerative diseases where there remains a significant unmet medical need for therapies that slow down or reverse disease progression.
The partnership has generated a promising pipeline of discovery to clinical-stage programmes. A first programme, EVT8683, was in-licensed by Bristol Myers Squibb in September 2021 as BMS-986419. Following a successful Phase I study Bristol Myers Squibb announced that a Phase II study for BMS-986419 is scheduled to commence in 2024. In March 2023, Bristol Myers Squibb and Evotec extended and expanded this partnership for an additional 8 years.
Dr Cord Dohrmann, Chief Scientific Officer of Evotec, commented: "As the first asset from our neuroscience partnership with Bristol Myers Squibb is moving towards a Phase II study, our partnership is still growing in the drug discovery phase as well. We are confident that our unique PanOmics-based and patient-derived cellular models supported drug discovery efforts will deliver new therapeutic options for patients affected by devastating neurological disorders."
ABOUT EVOTEC SE
Evotec is a life science company with a unique business model that delivers on its mission to discover and develop highly effective therapeutics and make them available to the patients. The Company's multimodality platform comprises a unique combination of innovative technologies, data and science for the discovery, development, and production of first-in-class and best-in-class pharmaceutical products. Evotec leverages this "Data-driven R&D Autobahn to Cures" for proprietary projects and within a network of partners including all Top 20 Pharma and over 800 biotechnology companies, academic institutions, as well as other healthcare stakeholders. Evotec has strategic activities in a broad range of currently underserved therapeutic areas, including e.g. neurology, oncology, as well as metabolic and infectious diseases. Within these areas of expertise, Evotec aims to create the world-leading co-owned pipeline for innovative therapeutics and has to-date established a portfolio of more than 200 proprietary and co-owned R&D projects from early discovery to clinical development. Evotec operates globally with more than 5,000 highly qualified people. The Company's 17 sites offer highly synergistic technologies and services and operate as complementary clusters of excellence. For additional information please go to www.evotec.com and follow us on X/Twitter @Evotec and LinkedIn .
FORWARD-LOOKING STATEMENTS
This announcement contains forward-looking statements concerning future events, including the proposed offering and listing of Evotec's securities. Words such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "might," "plan," "potential," "should," "target," "would" and variations of such words and similar expressions are intended to identify forward-looking statements. Such statements include comments regarding Evotec's expectations for revenues, Group EBITDA and unpartnered R&D expenses. These forward-looking statements are based on the information available to, and the expectations and assumptions deemed reasonable by Evotec at the time these statements were made. No assurance can be given that such expectations will prove to have been correct. These statements involve known and unknown risks and are based upon a number of assumptions and estimates, which are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of Evotec. Evotec expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Evotec's expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.
Media Contact Evotec SE: Gabriele.Hansen@evotec.com Hinnerk.Rohwedder@evotec.com
IR Contact Evotec SE: Volker.Braun@evotec.com
SOURCE: Evotec SE
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What did Evotec announce in its partnership with Bristol Myers Squibb?
Evotec announced a scientific achievement resulting in a US$ 25 million payment to further research the joint neuroscience pipeline.
What is the ticker symbol for Evotec SE?
The ticker symbol for Evotec SE is EVT.
What is the goal of the collaboration between Evotec and Bristol Myers Squibb?
The collaboration aims to develop disease-modifying treatments for neurodegenerative diseases.
What study is scheduled to commence in 2024 as a result of the partnership?
A Phase II study for BMS-986419 is scheduled to commence in 2024.
Who is the Chief Scientific Officer of Evotec?
Dr. Cord Dohrmann is the Chief Scientific Officer of Evotec.
