- Focus on innovative diabetes therapy
- € 5 million upfront payment, up to € 254 million milestones and royalties
- Evotec’s first commercial agreement in the field of beta cell regeneration
Evotec AG today announced that via its subsidiary Develogen AG it has entered into a license and collaboration agreement with MedImmune (the global biologics unit of AstraZeneca), in the diabetes therapeutic area, with a particular focus on the regeneration of insulin producing beta cells. The license gives MedImmune exclusive access to a portfolio of research programs and represents the first deal executed by Evotec on beta cell regeneration assets and capabilities.
The agreement triggers an upfront payment of € 5 million. Further on, additional deferred payments including potential milestone payments of up to € 254 million as well as royalties are agreed. The milestone payments will be due upon achievement of certain clinical as well as regulatory and commercial events. Further milestone payments may be achieved with the approval of additional indications and programs. Evotec will also receive research payments to support further in vivo and in vitro pharmacology efforts conducted in collaboration with MedImmune.
Dr Cord Dohrmann, Chief Scientific Officer of Evotec, commented: “The loss of insulin producing beta cells is tightly linked to the development of diabetes. Using a unique screening approach for beta cell regeneration targets, we have identified and validated novel and highly relevant biological factors. The most advanced factor has demonstrated efficacy in animal models of beta cell regeneration in particular increasing the functional beta cell mass and thereby improving and restoring glycemic control.” Dr. Dohrmann continued: “MedImmune is a leader in biopharmaceutical research with cutting edge protein production and engineering capabilities and thus a perfect partner for Evotec. Together we intend to generate a pipeline of biological factors that have the potential to prevent or reverse disease progression, and confer optimal glycemic control in patients. ”
Given the innovative character of the alliance Evotec invites you to join a brief conference call.
A simultaneous slide presentation for participants dialing in via phone is available at http://http://www.equitystory.com , password: evotec1210.
You can also listen to the conference call via audio webcast including presentation slides at www.evotec.com.
If you are unable to attend, a recording will be available for 24 hours after the call at the following phone numbers: +49.(0)69.2222 2236 (Germany), +44.(0)20.7111 1244 (UK), +1.347.366 9565 (US). The
access code is 5734705#. The on-demand version of the webcast will be available on our website: http://www.evotec.com – Investors/Events/Financial Calendar.
ABOUT EVOTEC AG
Evotec is a leader in the discovery and development of novel small molecule drugs with operational sites in Europe and Asia. 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, oncology, inflammation and metabolic diseases. Leveraging these skills and expertise the Company intends to develop best-inclass differentiated therapeutics and deliver superior science-driven discovery alliances with pharmaceutical and biotechnology companies. Evotec has longterm discovery alliances with partners including Boehringer Ingelheim, CHDI, Genentech, 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 and an alliance in the field of diabetes with Andromeda (Teva).
For additional information please go to www.evotec.com.
DeveloGen AG, Göttingen, Germany, is a biopharmaceutical company engaged in the research and development of metabolic diseases. Since September 2010 DeveloGen AG is part of the Evotec group of companies with 99.4% of the outstanding capital acquired by Evotec AG. Under the terms of the acquisition, Evotec AG owes, amongst others, a portion of any upfront, milestone and royalty payments of certain agreements (including the agreement relating to beta cell regeneration assets) entered into by DeveloGen AG as deferred purchase consideration. This agreement also triggers a further share consideration of 1,398,561 shares held in escrow.