Evotec receives Milestone in Drug Discovery Collaboration
Evotec AG announced that it has received a pre-clinical milestone from its Drug Discovery Collaboration with Novartis. No financial details were given.
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.
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.'
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