Hamburg, Germany - 11 January 2012: Evotec AG (Frankfurt Stock Exchange: EVT, TecDAX) today announced that its research alliance with Boehringer Ingelheim has achieved a milestone triggering a payment of EUR 2.5 million to Evotec. The milestone was achieved for the identification and selection of a compound to be advanced into extended profiling prior to pre-clinical development within an oncology programme. This is the fourth milestone achieved in 2011 and represents a total of EUR 10.5 million of milestones achieved within the year.
Dr Mario Polywka, Chief Operating Officer of Evotec commented: "This is the fifth milestone achieved against an oncology target within our collaboration with Boehringer Ingelheim. Evotec values this collaboration very highly and both companies continue to enjoy a fruitful scientific and working relationship as we drive important new drug candidates to the clinic."
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 preclinical 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.
Contact Evotec AG: Dr Werner Lanthaler, Chief Executive Officer, Phone: +49.(0)40.56081-242, firstname.lastname@example.org