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Evotec Reaches Second Milestone and Receives Success Payment in Alzheimer's Disease Collaboration with Takeda

17 Aug 2006 - Evotec AG announced that the second milestone has been achieved in its four-year drug discovery collaboration with Takeda Pharmaceutical Company Limited. Evotec has granted Takeda exclusive rights to a novel target in Alzheimer's disease based on successful target identification and validation work triggering a milestone payment of over one million Euros. Evotec is eligible for substantial future milestone payments on the successful clinical development of compounds acting on the selected target. The collaboration is productively progressing into the fourth year and Evotec is entitled to further milestone payments should Takeda select additional targets from Evotec's target database.
 
The four-year collaboration between Evotec and Takeda is aimed at jointly identifying and validating novel targets relating to different aspects of the causes and progression of Alzheimer's disease, with the goal of developing innovative small molecule therapeutics. Total payments to Evotec will reach up to EUR 20 million covering access fees to Evotec's proprietary database of Alzheimer's disease-related targets, research funding and success based milestone payments relating to the selection of targets for further drug discovery. Additional substantial milestones would also be payable on the successful clinical development of compounds acting on selected targets. Further financial details of the collaboration are not disclosed.