Benzinga | Oct 8, 2021 09:37AM EDT

Evotec Expands Neuroscience Collaboration with Bristol Myers

* Bristol Myers Squibb & Co (NYSE:BMY) has expanded its neuroscience collaboration with Evotec SE (OTC:EVTCY) to include a new cell type.

* Related: Bristol Myers Exercises Option In-License Evotec's Neurodegenerative Candidate.

* The expansion has triggered a payment of $9 million to Evotec.

* The collaboration was initiated in December 2016 to identify disease-modifying treatments for a broad range of neurodegenerative diseases.

* The collaboration pursues an approach to discovering and developing novel medicines by leveraging Evotec's iPSC platform using patient-derived disease models.

* The latest expansion will enable the companies to investigate the root causes of many neurodegenerative diseases in a cell type-specific fashion using cells directly derived from patients.

* In addition, molecular disease signatures will be used to define detailed molecular disease phenotypes using Evotec's panomics platform, EVOpanOmics & EVOpanHunter.

* Price Action: EVTCY stock closed at $90.38 on Thursday, while BMY stock is down 0.77% at $58.56 during the market session on the last check Friday.