Evotec AG and Boehringer Ingelheim have extended their research collabration for four more years. The collaboration was initiated in August 2004 and has been extended on two previous occasions. Based on the success to date in the areas of CNS, inflammation, cardiometabolic and respiratory diseases, the companies have elected to expand the scope of the collaboration to also include oncology targets. Through the term of the extension, Evotec will receive research funding of $22 million, as well as milestones and royalties.
In 2004, Evotec and BI entered into a multiyear drug discovery collaboration to jointly identify and develop preclinical development candidates for the treatment of various diseases. BI has full ownership and global responsibility for clinical development, manufacturing and commercialization 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.
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 BI, remarked, "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."