- Exclusive license granted to major animal health company for development of Evotec proprietary compound
Hamburg, Germany - 11 August 2011: Evotec AG (Frankfurt Stock Exchange: EVT, TecDAX) today announced that it has entered into a world-wide license and collaboration agreement with a top tier animal health company that intends to develop the proprietary Evotec compound EVT401, a selective, small molecule P2X7 antagonist, in the companion animal market.
Evotec is entitled to receive a technology- transfer payment, development and commercial milestone payments, and tiered royalties on net sales. Evotec retains all rights to the programme for human therapeutic use.
Dr Werner Lanthaler, Chief Executive Officer of Evotec, commented: "We are very pleased to be partnering with a company that has proven capabilities for developing drug candidates for animal indications. This deal not only gives us additional product value, but also nicely proves the strength of our medicinal chemistry approach. We look forward to closely collaborate with this top animal health company to make this product development a success."
Financial details related to the agreement are not being disclosed.