Evotec AG and Boehringer Ingelheim Corporation Extend and Broaden Research Collaboration at a Value of EUR 15 Million Plus Milestones and Royalties
HAMBURG, Germany, Nov. 9, 2009 (GLOBE NEWSWIRE) -- Evotec AG (Frankfurt:EVT - News) (TecDAX) (Nasdaq:EVTC - News) today announced that it has extended the research collaboration with Boehringer Ingelheim for a further 4 years. The collaboration was initiated in August 2004 and has been extended on two previous occasions. At the same time, based on the success to date in the areas of CNS, inflammation, cardiometabolic and respiratory diseases the scope of the collaboration has been expanded to also include oncology targets. Over the term of the extension Evotec will receive research funding of around EUR 15 million plus success milestones and royalties.
Dr. Werner Lanthaler, Chief Executive Officer of Evotec, commented: "We are extremely pleased and proud that Boehringer Ingelheim continues to see the value that we bring to their research, by committing to one of the largest and most innovative integrated research projects in the industry. This extension speaks volumes for the excellent scientific results achieved."
Dr. Wolfgang Rettig, Corporate Senior Vice President Research of Boehringer Ingelheim, commented: "Evotec has continually demonstrated exceptional scientific expertise in support of our research. We are very pleased to be able to continue our collaboration with Evotec and expand it into new areas of research and have no doubt that they will continue to assist us in achieving our drug discovery goals."
About the Collaboration
In 2004, Evotec and Boehringer Ingelheim entered into a multiyear drug discovery collaboration to jointly identify and develop preclinical development candidates for the treatment of various diseases. 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 substantial long-term upside for Evotec through potential payments for successful milestone achievements during clinical development and royalties when new drugs reach the market.
About Evotec AG
Evotec is a leader in the discovery and development of novel small molecule drugs. The Company has built substantial drug discovery expertise and an industrialized platform that can drive new innovative small molecule compounds into the clinic. In addition, Evotec has built a deep internal knowledge base in the treatment of diseases related to neuroscience, pain, and inflammation. Leveraging these skills and expertise the Company intends to develop best-in-class differentiated therapeutics and deliver superior science-driven discovery alliances with pharmaceutical and biotechnology companies. Evotec has long-term discovery alliances with partners including Boehringer Ingelheim, CHDI, Novartis, Ono Pharmaceutical and Roche. Evotec has product candidates in clinical development and a series of preclinical compounds and development partnerships, including for example a strategic alliance with Roche for the EVT 100 compound family, subtype selective NMDA receptor antagonists for use in treatment-resistant depression. For additional information please go to www.evotec.com.
About Boehringer Ingelheim
The Boehringer Ingelheim group is one of the world's 20 leading pharmaceutical companies. Headquartered in Ingelheim, Germany, it operates globally with 138 affiliates in 47 countries and 41,300 employees. Since it was founded in 1885, the independent, family-owned company has been committed to researching, developing, manufacturing and marketing novel products of high therapeutic value for human and veterinary medicine.
In 2008, Boehringer Ingelheim posted net sales of 11.6 billion euro while spending one fifth of net sales in its largest business segment Prescription Medicines on research and development.
For more information please visit www.boehringer-ingelheim.com.