HAMBURG (dpa-AFX) - Germany-headquartered life science company Evotec SE (EVT, EVO) on Thursday announced further significant progress in the company's strategic research collaboration with Bristol Myers Squibb relating to building a high value molecular glue-based pipeline for unmet medical needs.
The performance-based and program-based achievements trigger payments totaling $75 million to Evotec as well as further strengthen Evotec's joint program pipeline.
Molecular glue degraders are compounds that induce interactions between an E3 ubiquitin ligase and a molecular target, thus massively expanding the range of the druggable proteome. Also, the molecular glue itself is not degraded in the process and can trigger the degradation process several times over, thus leading to longer-lasting therapeutic effects.
The collaboration, which was initiated in 2018, combines Evotec's high-performance multi-omics screening as well as AI-supported data analytics and drug design capabilities with Bristol Myers Squibb's library of cereblon E3 ligase modulators.
The collaboration was expended in May 2022 for another 8 years as the initial collaboration proved to be highly productive in generating a promising pipeline of molecular glue degraders.
The collaboration continues to deliver on its goal to identify novel molecular glue degraders for high-value targets in the field of oncology and beyond.
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