Germany-based Evotec AG ($EVT) has advanced an oncology molecule into preclinical development, raking in a €4 million ($5.4 million) milestone payment from partner Boehringer Ingelheim under a research pact.
In 2004, Evotec struck a deal with Boehringer for a multitarget drug discovery alliance to jointly identify and develop preclinical development candidates in various areas, including central nervous system disorders (CNS), inflammation, cardiometabolic and respiratory diseases.
This is Evotec's second oncology compound to transition into preclinical development, and the payment is the 20th milestone the company has reached as part of its alliance with Boehringer Ingelheim.
Evotec has a wide range of discovery and development partnerships in place with Big Pharma companies. It is collaborating with Roche ($RHHBY) on an Alzheimer's program and is also partnered with Johnson & Johnson's ($JNJ) Janssen on diabetes and depression. Its latest-stage program, in partnership with Teva ($TEVA), is focused on Type 1 diabetes.
Evotec's latest injection of cash from Boehringer is one of a stream of milestones flowing from the pharma outfit for the past 9 years.
- here's the press release