EUR 5 million upfront payment, up to EUR 254 million milestones and royalties
Evotec's first commercial agreement in the field of beta cell regeneration
HAMBURG, Germany , Dec. 15, 2010 (GLOBE NEWSWIRE) -- Evotec AG (Frankfurt:EVT) today announced that via its subsidiary Develogen AG it has entered into a license and collaboration agreement with MedImmune (the global biologics unit of AstraZeneca), in the diabetes therapeutic area, with a particular focus on the regeneration of insulin producing beta cells. The license gives MedImmune exclusive access to a portfolio of research programs and represents the first deal executed by Evotec on beta cell regeneration assets and capabilities. The agreement triggers an upfront payment of EUR 5 million. Further on, additional deferred payments including potential milestone payments of up to EUR 254 million as well as royalties are agreed. The milestone payments will be due upon achievement of certain clinical as well as regulatory and commercial events. Further milestone payments may be achieved with the approval of additional indications and programs. Evotec will also receive research payments to support further in vivo and in vitro pharmacology efforts conducted in collaboration with MedImmune. Dr Cord Dohrmann, Chief Scientific Officer of Evotec, commented: "The loss of insulin producing beta cells is tightly linked to the development of diabetes. Using a unique screening approach for beta cell regeneration targets, we have identified and validated novel and highly relevant biological factors. The most advanced factor has demonstrated efficacy in animal models of beta cell regeneration in particular increasing the functional beta cell mass and thereby improving and restoring glycemic control." Dr. Dohrmann continued: "MedImmune is a leader in biopharmaceutical research with cutting edge protein production and engineering capabilities and thus a perfect partner for Evotec. Together we intend to generate a pipeline of biological factors that have the potential to prevent or reverse disease progression, and confer optimal glycemic control in patients. " Given the innovative character of the alliance Evotec invites you to join a brief conference call.