Evotec Expands Collaboration With MedImmune, Receives Milestone Payment
HAMBURG, Germany, Jan. 7, 2013 (GLOBE NEWSWIRE) -- Evotec AG (Frankfurt:EVT)
(TecDAX) today announced that it has expanded the scope of its collaboration
with MedImmune, the global biologics arm of AstraZeneca, after hitting a key
milestone. Evotec achieved a milestone payment of €0.5 m. The milestone
triggers a commercial license granted to MedImmune and an extension of the
diabetes and beta cell regeneration collaboration to the end of 2013.
This license and collaboration agreement in the diabetes therapeutic area was
initiated in December 2010. Within the agreement MedImmune has exclusive
access to a defined set of biologic targets that have the potential to prevent
or reverse disease progression in diabetic patients. The size of the combined
research team has expanded and Evotec will receive additional research
payments to support in vitro and in vivo experiments.
As part of the original agreement, Evotec received an upfront payment of €5 m
and could earn up to €254 m in further milestones and payments as well as
royalties on product sales. The majority of milestone payments are due upon
achievement of certain clinical as well as regulatory and commercial
milestones. Further milestone payments may be achieved with the approval of
additional indications and programs.
Dr Cord Dohrmann, Chief Scientific Officer of Evotec, commented: "Together
with our colleagues at MedImmune and AstraZeneca we have been highly
productive in driving forward the development of EVT770 as well as additional
molecules in the portfolio. We are proud that we have already achieved the
second milestone in this collaboration and are very much looking forward to
expanding our efforts and thereby laying the foundation for continued
Dr Cristina Rondinone, Vice President and Head of MedImmune's Cardiovascular
and Metabolic Disease Center of Excellence, said: "We are excited to expand
our collaboration with Evotec. Diabetes has reached epidemic levels and it is
one of the biggest causes of mortality worldwide. Therefore, it is critical
that we develop novel and highly effective therapies to slow down and
ultimately stop the development of diabetes."
Diabetes Mellitus is a chronic incapacitating disease associated with severe
life-long conditions such as cardiovascular diseases, kidney diseases, nerve
damage and eye diseases, which require intensive monitoring and control.
Diabetes is caused by relative or complete decrease in insulin production and
secretion by pancreatic beta cells. Furthermore, diabetes can be caused by the
reduced effectiveness of secreted insulin in consequence of the gradual loss
of insulin sensitivity of target cells which is called insulin resistance. At
present, there is no cure for diabetes and only symptomatic treatment options
are available. The most common diabetes types are type 1 and type 2 diabetes.
Currently, about 90-95% of diabetes patients worldwide have type 2 diabetes.
According to the International Diabetes Foundation, there are 371 million
people worldwide who are diagnosed with diabetes (2011: 366 million) and about
187 million who are at risk of costly and debilitating diabetes complications
who have not yet been diagnosed. It is estimated that about 4.8 million people
will have died from diabetes at the end of 2012 (2011: 4.0 million).
Concerning the diabetes market volume, approx. $471 bn were spent on the
treatment of diabetes in 2012 (2011: $465 bn).
ABOUT EVOTEC AG
Evotec is a drug discovery alliance and development partnership company
focused on rapidly progressing innovative product approaches with leading
pharmaceutical and biotechnology companies. We operate worldwide providing the
highest quality stand-alone and integrated drug discovery solutions, covering
all activities from target-to-clinic. The Company has established a unique
position by assembling top-class scientific experts and integrating
state-of-the-art technologies as well as substantial experience and expertise
in key therapeutic areas including neuroscience, pain, metabolic diseases as
well as oncology and inflammation. Evotec has long-term discovery alliances
with partners including Bayer, Boehringer Ingelheim, CHDI, Genentech,
Medimmune/Astra Zeneca, Novartis, Ono Pharmaceutical and Roche. In addition,
the Company has existing development partnerships and product candidates both
in clinical and preclinical development. These include a strategic alliance
with Roche for the development of subtype-selective NMDA receptor antagonists
for use in treatment-resistant depression as well as other partnerships with
Boehringer Ingelheim, MedImmune and with Andromeda (Teva) in the field of
diabetes. For additional information please go to www.evotec.com.
FORWARD-LOOKING STATEMENTS: Information set forth in this press release
contains forward-looking statements, which involve a number of risks and
uncertainties. The forward-looking statements contained herein represent the
judgement of Evotec as of the date of this report. Such forward-looking
statements are neither promises nor guarantees, but are subject to a variety
of risks and uncertainties, many of which are beyond our control, and which
could cause actual results to differ materially from those contemplated in
these forward-looking statements. We expressly disclaim any obligation or
undertaking to release publicly any updates or revisions to any such
statements to reflect any change in our expectations or any change in events,
conditions or circumstances on which any such statement is based.
CONTACT: Dr Cord Dohrmann
Chief Scientific Officer
+49.(0)551.505 58 650
+44.(0)40.560 81-333 Fax
Manfred Eigen Campus
Essener Bogen 7
22419 Hamburg (Germany)
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