Evotec expands collaboration with MedImmune, receives milestone payment
09-Jan-2013
- Germany
Evotec AG announced that it has expanded the scope of its collaboration with MedImmune after hitting a key milestone. Evotec achieved a milestone payment of EUR0.5 m. The milestone triggers a commercial license granted to MedImmune and an extension of the diabetes and beta cell regeneration collaboration to the end of 2013.
Within the agreement MedImmune has exclusive access to a defined set of biologic targets that have the potential to prevent or reverse disease progression in diabetic patients. The size of the combined research team has expanded and Evotec will receive additional research payments to support in vitro and in vivo experiments.
As part of the original agreement, Evotec received an upfront payment of EUR5 m and could earn up to EUR254 m in further milestones and payments as well as royalties on product sales. The majority of milestone payments are due upon achievement of certain clinical as well as regulatory and commercial milestones. Further milestone payments may be achieved with the approval of additional indications and programs.
Within the agreement MedImmune has exclusive access to a defined set of biologic targets that have the potential to prevent or reverse disease progression in diabetic patients. The size of the combined research team has expanded and Evotec will receive additional research payments to support in vitro and in vivo experiments.
As part of the original agreement, Evotec received an upfront payment of EUR5 m and could earn up to EUR254 m in further milestones and payments as well as royalties on product sales. The majority of milestone payments are due upon achievement of certain clinical as well as regulatory and commercial milestones. Further milestone payments may be achieved with the approval of additional indications and programs.
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