Roche (RHHBY), Evotec AG (EVTG.F) Sign Alzheimer's Pact Worth Up to $830 Million
9/6/2011 7:59:57 AM
Roche Holding AG (ROG) will pay Evotec AG (EVT) $10 million for the right to develop Evotec’s EVT 302 compound for Alzheimer’s disease. Evotec may receive as much as another $820 million if development and sales goals are met, as well as double-digit royalties, the Hamburg-based company said in a statement today. Basel, Switzerland-based Roche will pay for clinical development, manufacturing and commercialization, Evotec said. The compound targets monoamine oxidase type B, or MAO-B, an enzyme that breaks down dopamine in the brain and contributes to the production of free radicals, which may contribute to the spread of the disease, Evotec said.
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