Roche and Evotec have signed a potential $300 million deal to develop EVT 101, a drug being tested for treatment-resistant depression. EVT-101 was discovered by Roche and developed by Evotec from discovery to the clinic. The company is now responsible for development of the drug through Phase II. Evotec will also carry out early-stage safety and tolerability studies for EVT-103.
Evotec gets $10 million up front and could earn a $65 million lump-sum payment if Roche decides to exercise a buy-back option for the entire family of EVT 100 drug candidates. Evotec would then be eligible for further development, sales performance and scalable double-digit commercial payments. If Roche does not exercise it, Evotec will get to keep worldwide rights to the programs and all their indications.
"This product development agreement with Roche is clear evidence of the value Evotec has created with the EVT 100 compound family over the past few years, benefiting patients and, ultimately, shareholders. We are delighted to enter into this partnership with Roche, providing obvious benefits to both parties," said Dr Klaus Maleck, CFO of Evotec.
- here's the release