Benzinga | Sep 2, 2021 09:46AM EDT

Bristol Myers Exercises Option In-License Evotec's Neurodegenerative Candidate

* Evotec SE (OTC:EVTCY) says that Bristol Myers Squibb Co (NYSE:BMY) has exercised its option to enter into an exclusive global license for EVT8683. It is the first program from the companies' broader neurodegeneration collaboration.

* Through this opt-in, Bristol Myers Squibb will lead further development and commercialization.

* Evotec receives an option payment of $20 million and can earn up to $250 million in milestone payments and up to low double-digit royalties.

* EVT8683 is a small molecule targeting a key cellular stress response that holds great promise in various neurodegenerative indications and is ready to enter clinical development.

* Under an option agreement with Celgene, a Bristol Myers Squibb company, Bristol Myers has rights to additional programs in neurodegenerative diseases.

* Price Action: EVTCY stock closed at $100.05 on Wednesday.