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Evotec and Bristol-Myers Squibb Expand Collaboration

Pharmaceutical researcher Evotec and US drugmaker Bristol-Myers Squibb are expanding their partnership. The Hamburg-based group said Tuesday that the collaboration on targeted protein degradation, which began in 2018, will be extended and expanded for another eight years. Evotec will receive a down payment of US$200 million (€190 million) and also expect payments based on success. The company estimated the total potential size at 5 billion dollars. In addition, Evotec will receive multi-tiered royalties based on product sales. Share of Evotec, which has come under heavy pressure in recent months, rose a good 7 percent after the announcement.

Pharmaceutical researcher Evotec and US drugmaker Bristol-Myers Squibb are expanding their partnership. The Hamburg-based group said Tuesday that the collaboration on targeted protein degradation, which began in 2018, will be extended and expanded for another eight years. Evotec will receive a down payment of US$200 million (€190 million) and also expect payments based on success. The company estimated the total potential size at 5 billion dollars. In addition, Evotec will receive multi-tiered royalties based on product sales. Share of Evotec, which has come under heavy pressure in recent months, rose a good 7 percent after the announcement.

dpa

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