Hamburg, Germany - 08 October 2012: Evotec AG (Frankfurt Stock Exchange: EVT, TecDAX) today announced that it has received a pre-clinical milestone from its Drug Discovery Collaboration with Novartis. No financial details were given.
Dr Mario Polywka, Chief Operating Officer of Evotec, said: 'We are pleased to have received a milestone from the collaboration with Novartis that started in 2008. This is further recognition of our track record in advancing compounds towards the clinic with our collaborators.'
ABOUT THE NOVARTIS COLLABORATION
Under the terms of the agreement, Evotec is responsible for progressing the program up to pre-clinical development and Novartis will then have the responsibility for all clinical development activities, manufacture and commercialization of the compounds. In return for Evotec's contributions to the research program, Evotec received an upfront payment and research funding and is eligible for pre-clinical and clinical milestone payments that could exceed $ 28 million. In addition, Novartis will pay royalties on sales of any marketed products resulting from the collaboration.
FORWARD LOOKING STATEMENTS
Information set forth in this press release contains forward-looking statements, which involve a number of risks and uncertainties. The forward-looking statements contained herein represent the judgement of Evotec as of the date of this report. Such forward-looking statements are neither promises nor guarantees, but are subject to a variety of risks and uncertainties, many of which are beyond our control, and which could cause actual results to differ materially from those contemplated in these forward-looking statements. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any such statements to reflect any change in our expectations or any change in events, conditions or circumstances on which any such statement is based.