Celgene, Evotec in Oncology Drug Pact
Celgene and Evotec, a Hamburg, Germany-based drug-discovery and development company, have entered into a long-term drug discovery and development partnership to identify new therapeutics in oncology.
Evotec’s preclinical discovery and development platforms include a phenotypic screening platform with compound libraries and associated target deconvolution capabilities. The collaboration intends to use these capabilities with an initial focus on solid tumors.
Celgene receives exclusive opt-in rights to license worldwide rights to all programs developed within this collaboration. Under the agreement, Evotec will receive an upfront payment of $65 million and may be eligible to receive significant milestone payments as well as tiered royalties on each licensed program.
This deal marks the companies’ second pact. In December 2016, Celgene and Evotec formed a $295-million pact to identify disease-modifying therapeutics for neurodegenerative diseases.