Hamburg, Germany - 18 August 2011: 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 4 million to Evotec. The milestone was achieved for the identification and selection of a compound to be advanced into pre-clinical development within an oncology programme and represents the fourteenth milestone achieved in this multi-year, multi-target collaboration.
Dr Mario Polywka, Chief Operating Officer of Evotec commented: "This important milestone achieved as part of our alliance with Boehringer Ingelheim is the fourth against an oncology target and importantly the first oncology programme to enter pre-clinical development for this collaboration. We continue to enjoy a fruitful scientific relationship with our colleagues at Boehringer in our efforts to drive 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 central nervous system, 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 long-term upside for Evotec through potential payments for successful milestone achievements during clinical development and undisclosed royalties when new drugs reach the market.
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.