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Evotec Reports Full-Year 2010 Results: A Good Year With A Strong Start Into 2011

Stocks in this article: EVT

Equally important as the number of new collaborations and contract extensions is the further strategic development of Evotec's existing core alliances. The Company aims to develop its large strategic alliances and deliver innovation as the core of all its partnering activities. Evotec, with its broad and fully integrated drug discovery process, is uniquely positioned to execute a comprehensive outsourcing strategy in which the Company intends to employ increasing parts of its capacity for results-based deals, with the goal of keeping a share of the value created. In 2010, revenues in Evotec's TOP 10 alliances grew by 34%.

3. Progress in development partnerships

In addition to its revenue generating discovery alliances Evotec focuses on signing development partnerships to externally fund a number of assets approaching the clinic. Such partnerships allow Evotec to de-risk its exposure but keep some portion of the upside clinical assets.

Evotec's clinical programmes are exclusively developed in partnerships with pharmaceutical companies who fund the development. Good progress has been achieved during the year, and the number of compounds in clinical trials increased compared to 2009. In 2010, Evotec's insomnia drug candidate EVT 201 was partnered with Jingxin Pharma for development and marketing in China. One compound to treat neuropathic pain progressed into the clinic within Evotec's collaboration with Boehringer Ingelheim. Evotec acquired the ongoing Phase III diabetes candidate Diapep277 partnered with Andromeda/Teva through its acquisition of DeveloGen. EVT 501, Evotec's drug candidate to treat conditions such as narcolepsy and cognitive impairment is prepared for its clinical start. For this compound Evotec receives external funding from the BMBF that helps the Company to advance the programme through Phase I studies.

For EVT 101, the lead compound of the EVT 100 family, Evotec received approval from the FDA to initiate a Phase II proof-of-concept study in treatment-resistant depression in March 2010. Patient recruitment started in mid 2010 and is expected to be completed in 2011. Data of the study are expected in 2012.

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