Bristol Myers Exercises Option In-License Evotec's Neurodegenerative Candidate

• Evotec SE (OTC: EVTCY) says that Bristol Myers Squibb Co (NYSE: BMY) has exercised its option to enter into an exclusive global license for EVT8683. It is the first program from the companies' broader neurodegeneration collaboration.

• Through this opt-in, Bristol Myers Squibb will lead further development and commercialization.

• Evotec receives an option payment of $20 million and can earn up to $250 million in milestone payments and up to low double-digit royalties.

• EVT8683 is a small molecule targeting a key cellular stress response that holds great promise in various neurodegenerative indications and is ready to enter clinical development.

• Under an option agreement with Celgene, a Bristol Myers Squibb company, Bristol Myers has rights to additional programs in neurodegenerative diseases.

• Price Action: EVTCY stock closed at $100.05 on Wednesday.

See more from Benzinga

• Click here for options trades from Benzinga

• FDA Hits JAK inhibitors With Heart Safety, Cancer Warnings: All You Need To Know

• UK's NICE Rejects Johnson & Johnson's Darzalex Regime For Newly Diagnosed Myeloma

© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.