- COMBINATION OF ONE OF THE PREMIER CANCER RESEARCH CENTRES WITH A STRONG COMPANY BUILDER AND EVOTEC’S DRUG DISCOVERY EXPERTISE TO CREATE AND SUPPORT NEW COMPANIES FOCUSED ON THERAPEUTIC BREAKTHROUGHS FOR PATIENTS IN THE AREAS OF ONCOLOGY AND INFECTIOUS DISEASES
- EXPANDS EVOTEC’S ACADEMIC ‘BRIDGE’ INITIATIVE UNDER EVT INNOVATE
- INITIAL TERM OF LAB591 IS FIVE YEARS
Hamburg, Germany, 31 May 2018:
Evotec AG (Frankfurt Stock Exchange: EVT, TecDAX, ISIN: DE0005664809) announced today the formation of the LAB591 academic BRIDGE with Arix Bioscience plc (“Arix”, London Stock Exchange: ARIX ) and the Fred Hutchinson Cancer Research Center (“Fred Hutch”).
LAB591 aims to accelerate research discoveries at Fred Hutch and leverage these discoveries to form new companies focused on cancer and infectious disease drug development. Evotec, Arix and Fred Hutch plan to jointly select promising LAB591 research projects from the Fred Hutch labs. After developing a research validation plan, Evotec will conduct research in collaboration with the Fred Hutch faculty which will be seed funded by Arix. Once completed, and subject to the results, Evotec and Arix have a pre-agreed option to form a new company. For Evotec, the formation of LAB591 represents execution on the BRIDGE model under EVT Innovate, which is met with a high level of interest by academics, investors and biopharma companies.
Jonathan Peacock, Chairman of Arix, said: “We are excited to be combining forces with one of the world’s premier cancer research centres and amplifying this with Evotec’s drug discovery engine. This new strategic collaboration provides us with an excellent platform to identify new opportunities and build companies with validated, novel scientific approaches, focused on therapeutic breakthroughs for patients suffering from cancer and infectious diseases.”
Dr Werner Lanthaler, Chief Executive Officer of Evotec, remarked: “We are excited to work with Fred Hutch, a partner with top-class science and significant experience in cancer and infectious disease research, and together with Arix’s extensive experience we aim to identify new opportunities and build companies to discover much needed cures. This BRIDGE demonstrates Evotec’s strong and long-lasting commitment to collaboration and innovation and we are convinced that we are meeting the needs of universities and commercial partners and are filling a crucial gap with this model.”
Hilary Hehman, Fred Hutch director of partnerships and alliances, added: “This partnership is an example of Fred Hutch’s commitment to establishing high-impact strategic partnerships that accelerate the translation of Fred Hutch’s scientific innovation into treatments that ultimately benefit patients. We believe this partnership will advance our mission to cure cancer, and we look forward to working closely with Evotec and Arix over the next five years.”
The name of the BRIDGE “LAB591” is in honourable memory of the brother of Dr William Hutchinson who founded Fred Hutch. His brother, Fred Hutchinson, died of cancer at an early age in the midst of his professional baseball career. Fred was a major-league pitcher who threw 591 strikeouts during the course of his career and the partners chose “LAB591” as a tribute to his legacy.