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GEN News Highlights : Mar 10, 2009

Roche to Support Clinical Trials with Evotec’s Depression Therapy in $300M Deal

Roche paid $10 million for option to buy back program licensed to Evotec in 2003.

Roche is paying $10 million for an option to buy back rights to Evotec’s NMDA antagonist program. Additionally, under an agreement worth over $300 million, Roche will fund a Phase II trial with one of these compounds in treatment-resistant depression.

Evotec will be responsible for conducting the evaluation of EVT 101, which is also in Phase II studies for Alzheimer’s and pain. Also, Roche will support Evotec’s Phase I studies with EVT 103, a follow-up compound. EVT 101 was  discovered by Roche and developed from discovery stages onward by Evotec.

Roche may exercise its buy-back option after the completion of the Phase II studies. If it does, Evotec will receive a $65 million lump-sum payment in exchange for returning assets related to the entire EVT 100 family to Roche. Evotec would be eligible for further development, sales performance, and scalable double-digit commercial fees.

In the event that Roche decides not to exercise its buy-back option, Evotec will be granted exclusive, worldwide rights to these therapies in all indications.