Benzinga | Jan 11, 2022 05:29AM EST

Evotec Announced Expansion of Neuroscience Collaboration with Bristol Myers Squibb to Include New Targeted Protein Degradation Approach

Evotec SE ((Frankfurt Stock Exchange: EVT, MDAX/TecDAX, OTC:EVOTF, NASDAQ:EVO) announced today that the Company has expanded its neurodegeneration collaboration with Bristol Myers Squibb (NYSE:BMY) with the initiation of discovery and development efforts regarding a new strategy to tackle neurodegenerative diseases including Alzheimer's through a novel approach to targeted protein degradation. Evotec receives payments totalling US$ 15 m from Bristol Myers Squibb.

Under the expansion, Bristol Myers Squibb increases its access to a novel targeted protein degradation approach. The focus will be on selected targets that are relevant to a range of neurodegenerative conditions.

Dr Cord Dohrmann, Chief Scientific Officer of Evotec, commented: "Our collaboration with Bristol Myers Squibb in the field of neurodegenerative disease continues to be highly productive. Many neurodegenerative diseases are driven by disease-causing proteins which have proven to be elusive to traditional drug discovery approaches. We are committed to continuously explore novel drug targeting mechanisms and modalities and are delighted to have a strong partner with BMS in this endeavour."

The neurodegeneration collaboration between Evotec and Bristol Myers Squibb was initiated in December 2016 with the goal of identifying disease-modifying treatments for a broad range of neurodegenerative diseases. Currently approved drugs only offer short-term management of the patients' symptoms despite a huge unmet medical need for drugs that have the potential to slow down or reverse disease progression. The collaboration leverages Evotec's industrialised iPSC platform using patient-derived disease models, which is one of the largest and most sophisticated platforms in the industry.