Hamburg-headquartered Evotec SE has extended and expanded its three-year-old partnership with Bristol Myers Squibb in targeted protein degradation ("molecular glue degraders") for an additional eight years.
The small molecule degraders link an E3 ubiquitin ligase with the molecular target, mostly in cancer and autoimmunity indications. The interaction results in ubiquitination and subsequent degradation of the recruited protein and is hoped to provide a ong-lasting therapeutic effect.
Bristol Myers Squibb brings in a huge library of E3 ligase modulators. Under the terms of the agreement, both parties will leverage all of Evotecs appropriate platforms as well as AI/ML-based drug discovery.
Under the new agreement, Evotec cashes in an upfront payment of $200m and is eglible to obtain up to $5bn in milestone payments and tiered royalties on product sales.
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