Evotec signs $300M deal with Roche; rises 15%

Shares in Evotec AG jumped 14.8% on March 9, after the German small-molecule drugmaker signed an agreement with Swiss drug major Roche  to develop a mid-stage investigational antidepressant.

Bost companies will evaluate EVT 101 in patients with  treatment-resistant depression in a deal that could be worth up to  $300.0 million to Evotec, which will be responsible for conducting Phase  II studies. The compound was originally discovered by Roche and  developed from discovery stages through clinical studies by Evotec.

The German firm will also conduct Phase I safety and tolerability  studies, funded by Roche, for EVT 103, a next-generation version of EVT  101. For the option to buy back rights to the entire EVT 100 family of  compounds, Roche has agreed to pay an upfront fee of $10.0 million.