Evotec Reaches First Milestone And Receives Success Payment In Alzheimer's Disease Collaboration With Takeda Pharmaceutical Co. Ltd.
HAMBURG, Germany, December 6 /PRNewswire-FirstCall/ -- Evotec AG announced today that the first milestone has been achieved in its four-year drug discovery collaboration with Takeda Pharmaceutical Company Limited (Osaka, Japan, "Takeda").
Evotec has granted Takeda exclusive rights in a novel target in Alzheimer's disease based on successful target identification and validation work triggering a milestone payment of a few million Euro. Importantly, Evotec is eligible for further substantial milestone payments on the successful clinical development of compounds acting on the selected target. Further work within the collaboration is rapidly and productively progressing. Evotec is entitled to additional milestone payments should Takeda select additional targets from Evotec.
Dr John Kemp, Executive Vice President R&D Evotec Pharmaceuticals Division, commented: "We are extremely proud that we have reached our first project milestone with Takeda. Over the past two years we have made excellent progress in building substantial expertise and IP around novel Alzheimer's disease targets. The relationship with Takeda is very productive and we are looking forward to jointly leverage our innovative Alzheimer's disease toolbox during the years to come."
The four-year collaboration between Evotec and Takeda (see press release of 1 August 2003) is aimed at jointly identifying and validating novel targets relating to different aspects of the causes and progression of Alzheimer's disease, with the goal of developing innovative small molecule therapeutics. Total payments to Evotec will reach up to EUR 20 million covering access fees to Evotec's proprietary database of Alzheimer's disease-related targets, research funding and success based milestone payments relating to the selection of targets for further drug discovery. Additional substantial milestones would also be payable on the successful clinical development of compounds acting on selected targets. Further financial details of the collaboration are not disclosed.
About Evotec AG
Evotec is a leader in the discovery and development of novel small molecule drugs. Both through its own discovery programmes and through contract research partnerships, the Company is providing highest quality research results to its partners in the pharmaceutical and biotechnology industries.
In proprietary projects, Evotec specialises in finding new treatments for diseases of the central nervous system (CNS). Evotec has two Phase I clinical programmes: EVT 201, a GABAA modulator for the treatment of insomnia, and EVT 101, a subtype selective NMDA receptor antagonist for the treatment of Alzheimer's disease, Parkinson's disease and neuropathic pain.
In contract research, Evotec has established itself as the partner of choice for pharmaceutical and biotechnology companies worldwide. The Company provides innovative and often integrated solutions from drug target to clinic through an unmatched range of capabilities, including early stage assay development and screening through to medicinal chemistry and drug manufacturing.
In 2004, Evotec has generated sales of EUR 73 million with over 600 people located in Hamburg, Germany and near Oxford and in Glasgow, UK.
About Takeda Pharmaceutical Company, Ltd.
Takeda is a research-based global company with its main focus on pharmaceuticals. More than 1,000 researchers at Takeda carry out world-class research using advanced technology in such fields as human genetics, receptors, and enzymes, while the company is putting its R&D focus into several therapeutic areas including CSN. As the largest pharmaceutical company in Japan and one of the leaders in the world, Takeda is committed to striving toward better health for individuals and progress in medicine by developing superior pharmaceutical products.
www.takeda.co.jp/index-e.html Contact: Evotec AG Anne Hennecke, Director Investor Relations & Corporate Communications Phone: +49-40-56081-286 E-mail: firstname.lastname@example.orgEvotec AG
CONTACT: Evotec AG, Anne Hennecke, Director Investor Relations & CorporateCommunications, Tel: +49-40-56081-286, E-mail: email@example.com