Evotec receives first milestone payment from Sanofi in strategic alliance.
M2 PHARMA-April 5, 2017-Evotec receives first milestone payment from Sanofi in strategic alliance
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Frankfurt-based Evotec AG (ETR: EVT) and French Sanofi's (EPA: SAN) strategic alliance has achieved its first important milestone, the German company announced on Wednesday. The alliance, TargetBCD, which focuses on diabetes, has achieved pre-clinical proof-of-concept and as such triggered a payment of EUR3.0m to Evotec.
The milestone payment comes as part of the agreement signed by the two pharmaceutical firms in August 2015. The pair formed their alliance in order to develop a beta cell replacement therapy based on functional beta cells derived from human stem cells.
Sanofi and Evotec will also incorporate human beta cells in the process for high-throughput drug screening to identify small molecules or biologics beneficial for beta cell activity.
Dr Cord Dohrmann, chief scientific officer of Evotec, commented: "Diabetes represents one of the major threats to global healthcare systems and we are committed to discover new treatment options together with our colleagues at Sanofi.
"We are very pleased to have achieved this very important milestone that represents a major step forward towards developing a new therapeutic option for diabetes patients."
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|Date:||Apr 5, 2017|
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