© Reuters. Hamburg (dpa-AFX) – Neuroscience’s alliance with pharmaceutical company Bristol-Myers Squibb (NYSE:) (BMS) is making vaults ring again in Evotec (DE:). The Hamburg-based company will receive $16 million from the US partner after selecting another research program as part of the existing collaboration, the group announced Friday in the Hanseatic city.
Evotec entered into a collaboration with Celgene in 2016. Meanwhile, Celgene was acquired by BMS. The companies are working on approaches to treating neurodegenerative diseases, including Alzheimer’s disease. Recently, Evotec received about 40 million US dollars (about 34.5 million euros at the time) from the collaboration last November.
According to Evotec, Evotec is also entitled to certain progressive royalties on sales of products that result from collaboration with Bristol Myers Squibb and are subsequently marketed. Additionally, the company can look forward to up to $250 million in so-called development and sales milestones as part of the collaboration if certain goals are met.