Hamburg, Germany- Evotec AG (Frankfurt Stock Exchange, TecDAX, ISIN: DE 000 566480 9) and Roche AG (SIX: RO, ROG; OTCQX: RHHBY) today announced that they have entered into an exclusive world-wide license agreement for the development and commercialisation of Evotec’s MAO-B inhibitor to treat Alzheimer’s disease (AD).
Under the terms of the agreement, Roche will pay Evotec an upfront fee of $10 million. Evotec could receive further development and commercial milestone payments of up to $820 million as well as tiered double-digit royalties on sales. Roche will initiate studies in 2012 to demonstrate proof of concept and will be responsible for all clinical development, manufacturing and commercialization activities.
Evotec changes its revenue guidance for 2011 from € 70-72 m to € 77-79 m and increases its 2011 year-end liquidity target to above € 60 m.