Boehringer Ingelheim Pledges $22.5M to Fund Another Four Years of Partnership with Evotec
Third extension to 2004 agreement also adds oncology as new disease field.!--h2>
Evotec and Boehringer Ingelheim extended their drug discovery and preclinical development collaboration for another four years. The companies have also added oncology to the range of diseases covered by their partnership.
During the term of the extension Boehringer Ingelheim will provide Evotec with research funding of about €15 million, or almost $22.5 million, over that pledged as part of the initial agreement.
Boehringer Ingelheim and Evotec initiated their collaboration for the discovery and preclinical development of small molecule drugs in 2004. The partnership has now been extended three times and covers central nervous system disorders, inflammation, cardiometabolic disorders, respiratory diseases, and oncology.
Evotec has to date received seven milestone payments from Boehringer Ingelheim. The most recent €2.5 million (about $3.75 million) fee was received in October and related to the selection of a candidate for preclinical development studies in a cardiometabolic program.
Milestone payments and potential future sales royalties linked to anticancer molecules identified under the broadened relationship between the firms will also be due. Boehringer Ingelheim retains full ownership and responsibility for worldwide clinical development, manufacture, and commercialization of all compounds identified through the collaboration.