HAMBURG, Germany, Oct. 8, 2012 (GLOBE NEWSWIRE) -- Evotec AG (Frankfurt:EVT) (TecDAX) today announced that it has received a pre-clinical milestone from its Drug Discovery Collaboration with Novartis. No financial details were given.
Dr Mario Polywka, Chief Operating Officer of Evotec, said: "We are pleased to have received a milestone from the collaboration with Novartis that started in 2008. This is further recognition of our track record in advancing compounds towards the clinic with our collaborators."
About the Novartis Collaboration
Under the terms of the agreement, Evotec is responsible for progressing the program up to pre-clinical development and Novartis will then have the responsibility for all clinical development activities, manufacture and commercialization of the compounds. In return for Evotec's contributions to the research program, Evotec received an upfront payment and research funding and is eligible for pre-clinical and clinical milestone payments that could exceed $ 28 million. In addition, Novartis will pay royalties on sales of any marketed products resulting from the collaboration.
ABOUT EVOTEC AG
Evotec is a drug discovery alliance and development partnership company focused on rapidly progressing innovative product approaches with leading pharmaceutical and biotechnology companies. We operate worldwide providing the highest quality stand-alone and integrated drug discovery solutions, covering all activities from target-to-clinic. The Company has established a unique position by assembling top-class scientific experts and integrating state-of-the-art technologies as well as substantial experience and expertise in key therapeutic areas including neuroscience, pain, metabolic diseases as well as oncology and inflammation. Evotec has long-term discovery alliances with partners including Bayer, Boehringer Ingelheim, CHDI, Genentech, Medimmune/Astra Zeneca, and Ono Pharmaceutical. In addition, the Company has existing development partnerships and product candidates both in clinical and preclinical development. These include partnerships with Boehringer Ingelheim, MedImmune and Andromeda (Teva) in the field of diabetes, and with Roche in the field of Alzheimer's disease. For additional information please go to www.evotec.com.
FORWARD LOOKING STATEMENTS — Information set forth in this press release contains forward-looking statements, which involve a number of risks and uncertainties. The forward-looking statements contained herein represent the judgement of Evotec as of the date of this report. Such forward-looking statements are neither promises nor guarantees, but are subject to a variety of risks and uncertainties, many of which are beyond our control, and which could cause actual results to differ materially from those contemplated in these forward-looking statements. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any such statements to reflect any change in our expectations or any change in events, conditions or circumstances on which any such statement is based.