Evotec Announces Progress in Strategic Neuroscience Partnership with Bristol Myers Squibb
Rhea-AI Summary
Evotec SE announced significant progress in its strategic neuroscience partnership with Bristol Myers Squibb, resulting in a US$ 25 million payment to Evotec for further research advancement. The collaboration, initiated in December 2016, aims to develop disease-modifying treatments for neurodegenerative diseases. Evotec's PanOmics platform, combined with patient-derived disease models, has been instrumental in generating a promising pipeline of discovery to clinical-stage programmes.
A key milestone was reached with the in-licensing of EVT8683 (now BMS-986419) by Bristol Myers Squibb in September 2021. The partnership was extended for an additional 8 years in March 2023. Dr. Cord Dohrmann, Evotec's CSO, highlighted the productive nature of the collaboration and expressed excitement about advancing another programme towards clinical development in 2026.
Positive
- Received US$ 25 million payment from Bristol Myers Squibb for research advancement
- Successful progress in strategic neuroscience partnership
- Generated promising pipeline of discovery to clinical-stage programmes
- Partnership extended for additional 8 years in March 2023
- Advancing another programme towards clinical development in 2026
Negative
- None.
Insights
The
However, investors should note that while milestone payments are encouraging, they are irregular and unpredictable. The real value lies in the potential for future royalties if any of these programs reach commercialization. The advancement of another program towards clinical development in 2026 indicates a growing pipeline, which could lead to more milestone payments and eventual royalty streams.
Financially, this news reinforces Evotec's business model of collaborative research and development, which helps to offset R&D costs and provides additional revenue streams beyond their own proprietary pipeline.
The progress in Evotec's neuroscience partnership with BMS is scientifically significant. Their focus on identifying disease-modifying treatments for neurodegenerative diseases addresses a critical unmet need in medicine. The use of Evotec's PanOmics platform, coupled with patient-derived disease models, represents a cutting-edge approach to drug discovery.
The advancement of another program towards clinical development, following EVT8683 (now BMS-986419), demonstrates the productivity of this collaboration. It's particularly noteworthy that they're targeting mechanisms to slow or reverse disease progression, which could be game-changing if successful.
However, investors should remain cautious. Neurodegenerative diseases are notoriously challenging, with many promising candidates failing in late-stage trials. The long development timelines (next candidate aiming for clinical development in 2026) and high failure rates in this field necessitate a balanced view of the partnership's potential.
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 / August 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
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 progress announced here leverages Evotec's PanOmics platform in conjunction with patient-derived disease models, which is one of the largest and most sophisticated platforms in the industry.
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. In March 2023, Bristol Myers Squibb and Evotec extended and expanded their partnership for an additional 8 years.
Dr Cord Dohrmann, Chief Scientific Officer of Evotec, said: "The achieved milestone underlines the productive nature of our neuroscience partnership with Bristol Myers Squibb. Using our PanOmics-driven drug discovery platform we are targeting neurodegenerative diseases with tremendous unmet medical need. Beyond BMS-986419, we are very excited to advance yet another programme towards the clinic development in 2026."
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 provides high value pipeline co-creating partnerships and solutions to 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 sites in Europe and the USA 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.
For further information, please contact:
Media
Gabriele Hansen
SVP Head of Global Corporate Communications
Gabriele.Hansen@evotec.com
Hinnerk Rohwedder
Director of Global Corporate Communications
Hinnerk.Rohwedder@evotec.com
Investor Relations
Volker Braun
EVP Head of Global Investor Relations & ESG
Volker.Braun@evotec.com
SOURCE: Evotec SE
View the original press release on accesswire.com
FAQ
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