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news.Germany's Evotec AG has achieved the first milestone in its four-year drug discovery collaboration with Japanese firm Takeda Pharmaceutical.
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Evotec has granted Takeda exclusive rights to a novel target in Alzheimer’s disease, based on successful target identification and validation work, triggering a milestone payment of a few million Euros.
The German drug discovery firm will be eligible for further substantial milestone payments on the successful clinical development of compounds acting on the selected target. Further work within the collaboration is rapidly and productively progressing, reports Evotec.
The four-year collaboration between Evotec and Takeda is aimed at jointly identifying and validating novel targets relating to different aspects of the causes and progression of Alzheimer’s disease, with the goal of developing innovative small molecule therapeutics.
Evotec will be eligible for payments covering access fees to its proprietary database of Alzheimer’s disease-related targets, research funding and success based milestone payments relating to the selection of targets for further drug discovery.
The news of the achieved milestone caused shares in Evotec to rise from 0.09 to 2.68 Euros, a 3.9% increase.