July 8 (Bloomberg) -- Evotec AG rose the most in almost two weeks after saying it received a payment of 1.5 million euros ($1.93 million) for achieving a research milestone under an agreement with Boehringer Ingelheim GmbH.
Evotec increased as much as 5.3 percent to 2.62 euros, the biggest intraday gain since June 25, and was trading 3 percent higher at 1:49 p.m. in Frankfurt, giving the Hamburg-based company a market value of 303.8 million euros.
A pain treatment that Evotec is working on for Boehringer Ingelheim has reached the preclinical development phase, the company said today in a statement. The milestone, reached in June, represents an “important transition,” Chief Operating Officer Mario Polywka said today in a statement.
Evotec has had a drug-discovery alliance with Boehringer Ingelheim since 2004 and has produced 18 milestones so far, it said today. The company has shifted its business focus to very early-stage development, shuttling prospective treatments from academic research to pharmaceutical companies, and drug-development services, away from finding and marketing its own products.
To contact the reporter on this story: Weixin Zha in Frankfurt at firstname.lastname@example.org
To contact the editor responsible for this story: Angela Cullen at email@example.com