Evotec earns third Boehringer milestone payment

Germany's Evotec AG has achieved a third milestone as part of its collaboration with Boehringer Ingelheim. Under the terms of their drug discovery alliance, Evotec will receive an undisclosed milestone payment from the family-owned German firm, which was granted for the selection of an advanced compound for profiling to enable the start of preclinical development.

Further projects within the multi-target collaboration are progressing and are on track to achieve additional milestones for Evotec from Boehringer. Furthermore, the contract provides substantial long-term upside through potential payments for successful milestone achievements during clinical development and royalties when new drugs reach the market. Further financial details were not disclosed.