Hamburg, Germany - Evotec AG (Frankfurt Stock Exchange, Prime Standard, ISIN: DE 000 566480 9, WKN 566480) today announced that via its subsidiary Develogen AG it has entered into a license and collaboration agreement with MedImmune (the global biologics unit of AstraZeneca), in the diabetes therapeutic area, with a particular focus on the regeneration of insulin producing beta cells. The license gives MedImmune exclusive access to a portfolio of research programs and represents the first deal executed by Evotec on beta cell regeneration assets and capabilities.
The agreement triggers an upfront payment of € 5 million. Further on, additional deferred payments including potential milestone payments of up to € 254 million as well as royalties are agreed. The milestone payments will be due upon achievement of certain clinical as well as regulatory and commercial events. Further milestone payments may be achieved with the approval of additional indications and programs. Evotec will also receive research payments to support further in vivo and in vitro pharmacology efforts conducted in collaboration with MedImmune.
Since September 2010 DeveloGen AG is part of the Evotec group of companies with 99.4% of the outstanding capital acquired by Evotec AG. Under the terms of the acquisition, Evotec AG owes, amongst others, a portion of any upfront, milestone and royalty payments of certain agreements (including the agreement relating to beta cell regeneration assets) entered into by DeveloGen AG as deferred purchase consideration. This agreement also triggers a further share consideration of 1,398,561 shares held in escrow.
Contact: Dr Werner Lanthaler, Chief Executive Officer, Evotec AG, Schnackenburgallee 114, 22525 Hamburg, Germany, Phone: +49.(0)40.560 81-242, email@example.com