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Evotec Rises on Boehringer Ingelheim Milestone Payment

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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 wzha2@bloomberg.net

To contact the editor responsible for this story: Angela Cullen at acullen8@bloomberg.net

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