Evotec gets 2nd milestone from Boeh Ing

Evotec AG has received its second milestone payment from its collaboration with fellow German drugmaker Boehringer Ingelheim. Under the terms of their accord, Evotec gets milestones for the identification of lead compounds against an undisclosed receptor target. This is the second time within 18 months that a target has moved into lead optimization and follows the expansion of the collaboration announced in January of this year.

Further projects within the multi-target alliance are progressing on schedule and Evotec says it is on track to receive additional project milestone fees from Boehringer Ingelheim. In addition, the contract provides "substantial long-term upside" through potential payments for achievements during clinical development and royalties when new drugs reach the market, Evotec stated. Further financial details of the transaction were not disclosed.