Evotec and BMS intensify R&D on protein degraders
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.
Bristol Myers Squibb brings in a huge library of E3 ligase modulators. Under the terms of the agreement, both parties will leverage all of Evotec’s 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.