Evotec, Bristol Myers Extend Partnership In Protein Degradation

(RTTNews) - Evotec SE (EVO) said it has extended its partnership with Bristol Myers Squibb (BMY) in targeted protein degradation, originally signed in 2018.

The companies extend and expand the partnership for an additional 8 years with the goal to further broaden and deepen the strategic alliance.

Molecular glue degraders are small, drug-like compounds that induce interactions between an E3 ubiquitin ligase and a molecular target. This induced interaction results in ubiquitination and subsequent degradation of the recruited protein leading to long-lasting therapeutic effects.

As per the terms of the deal, the companies will leverage all of Evotec's proprietary EVOpanOmics and EVOpanHunter platforms as well as AI/ML-based drug discovery and development platforms.

Evotec receives an upfront payment of $200 million. It expects to obtain further performance-based, near-term and program-based milestone payments, resulting in a deal potential of $5 billion with additional tiered royalties on product sales.