Evotec OAI Extends Combinatorial Chemistry Collaboration with Pharmacia Corporation

Hamburg, Germany/Abingdon, UK - Evotec OAI, Hamburg, Germany (EVOTEC BioSystems AG, Neuer Markt: EVT), a supplier of integrated high-value added drug discovery services, today announced that it has signed a new four-year contract with Pharmacia Corporation, one of the world's leading pharmaceutical companies. This contract extends an original agreement signed in February 1998.
Under the terms of the new contract, Evotec OAI will provide Pharmacia with high quality libraries for pharmaceutical screening. In addition to programme fees that it will receive throughout the contract period, Evotec OAI will receive milestone payments for each product from the collaboration which enters clinical development and/or is successfully commercialised.
Joern Aldag, President and Chief Executive Officer of Evotec OAI, said:
"We are delighted to be extending our relationship with Pharmacia. Pharmacia's decision to continue to work with us to produce their chemical libraries highlights the excellent quality of our services."
About Evotec OAI
Evotec OAI offers the full range of high-value added products and services required to discover and develop drugs more effectively and efficiently. By integrating accelerated methods in biology, chemistry and screening, the Company has established a unique position as a one-stop-shop for all the critical elements in the drug discovery research and development process from target to clinical development. Approximately 540 people are based in Hamburg, Germany and Abingdon, U.K. Evotec OAI already has close links with many of the leading companies in the pharmaceutical and biotechnology industries including Novartis, Pfizer, GlaxoSmithKline, Aventis, Pharmacia/Sugen, Eli Lilly, Bayer, BMS, Roche, Amgen, Biogen, Vertex, Serono and Immunex. The Company's shares are listed on the Neuer Markt of the Frankfurt Stock Exchange.