CAPTION: Evotec forges new drug alliance with Eli Lilly. (picture alliance)
German drug discovery company Evotec has landed a new partnership. The company plans to join forces with US pharmaceuticals group Eli Lilly to search for new active ingredients for metabolic and chronic kidney diseases as well as diabetes in the future. The collaboration is initially set to run for three years, the MDAX-listed company announced at its headquarters in the northern German city of Hamburg on Tuesday. The company put the possible total value of the project at up to 1 billion US dollars (0.88 billion euros).
Its new partner Eli Lilly would be entitled to later select up to five programs from this collaboration and to then continue with any subsequent further development, clinical trials, and commercialization. In addition to an upfront payment of an undisclosed amount per selected program, Evotec is also entitled to receive success-based milestone payments of up to 180 million US dollars. In addition, upon potential approval of a drug, Evotec will receive a tiered share of net sales.
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