Evotec, Boehringer Ingelheim achieve second milestone in joint discovery collaboration

By E. Janene Geiss

Philadelphia, March 10 - Evotec AG announced Friday that the second milestone in its research collaboration with Boehringer Ingelheim has been successfully achieved.

Under terms of the drug discovery contract, Evotec said it will receive a milestone payment from Boehringer Ingelheim that was granted for the identification of a number of lead series for a priority receptor target, according to a company news release.

This is the second time within 18 months that a target moves into lead optimization and also follows the expansion of the collaboration announced in January, officials said.

Further projects within the multi-target collaboration are progressing on schedule and are on track to achieve additional project milestones for which Evotec said it is entitled to additional payments from Boehringer Ingelheim.

The contract also provides substantial long-term upside through potential payments for successful milestone achievements during clinical development and royalties when new drugs reach the market.

Further financial details of the payment were not disclosed.

"This is an excellent validation of our research contribution and is even more pleasing as it comes right at the time that we have significantly extended and expanded our partnership. Our relationship with Boehringer is extremely important to us and we are committed to supporting them in advancing multiple biological targets through to clinical development," Mark Ashton, executive vice president of business development services at Evotec, said in the release.

Evotec is a Hamburg, Germany, pharmaceutical company with a focus on small-molecule drugs.

Based in Ingelheim, Germany, the Boehringer Ingelheim group is one of the world's 20 leading pharmaceutical companies. It develops, manufactures and markets novel therapeutic products for human and veterinary medicine.

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