Evotec and Bristol Myers Squibb extend and expand strategic partnership in protein degradation

Deal potential of $ 5 bn

11-May-2022 - Germany

Evotec SE announced that the Company has extended and expanded its partnership with Bristol Myers Squibb in targeted protein degradation, originally signed in 2018. The initial collaboration has proven to be highly productive in generating a promising pipeline of molecular glue degraders. Based on this success, Bristol Myers Squibb and Evotec extend and expand this 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. Bristol Myers Squibb is a leader in this field based in particular on its unique library of cereblon E3 ligase modulators (CELMoD^®). Under the terms of the agreement, both parties 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 m and expects to obtain further performance-based, near-term and programme-based milestone payments, resulting in a deal potential of $ 5 bn with additional tiered royalties on product sales.

Dr Cord Dohrmann, Chief Scientific Officer of Evotec, said: “Bristol Myers Squibb is the pioneer and industry-leader in the field of molecular glue degraders. Molecular glues are one of the most exciting new modalities as they can be developed into highly selective and potent degraders of high-value therapeutic targets, even reaching molecular targets which have been deemed undruggable by conventional means. We are extremely excited about the opportunity to significantly extend and expand our strategic partnership with Bristol Myers Squibb into 2030 and possibly beyond.”

https://www.bionity.com/en/news/1176027/evotec-and-bristol-myers-squibb-extend-and-expand-strategic-partnership-in-protein-degradation.html