HAMBURG (dpa-AFX) - Evotec SE (EVTCY.PK, EVOTF.PK) said that it entered into a new partnership with Resolute Therapeutic, aiming to develop a broad-spectrum antibiotic with a new mode of action compared to antibiotics currently on the market.
The partnership will receive substantial funding from CARB-X or Combating Antibiotic-Resistant Bacteria Biopharmaceutical Accelerator, a global non-profit partnership led by Boston University and dedicated to funding and supporting the development of therapeutics, vaccines and rapid diagnostics to address the most serious drug-resistant bacteria.
As per the terms of the agreement, Evotec will in-license a promising research programme from Resolute currently in lead optimisation and continue the pre-clinical development on the company's proprietary drug discovery and development platforms.
Evotec and Resolute aim to develop a novel broad-spectrum antibiotic with both Gram-positive and Gram-negative coverage for indications including complicated urinary tract, intra-abdominal infections and hospital-acquired pneumonia.
Evotec will receive an award from CARB-X of up to $2.91 million over the next two years plus an additional $5.53 million over the three following years if certain project milestones are met.
Resolute will receive an undisclosed upfront payment from Evotec as well as success-based milestone payments while Evotec retains the right to take over the project at a pre-agreed value inflection point and subsequently continue the development with other potential clinical and marketing partners.
Copyright RTT News/dpa-AFX
© 2020 AFX News
