Evotec and Bristol Myers expand proteomics pact, triggers $50M payment

Evotec (EVO) announced progress within the company’s strategic partnership with Bristol Myers Squibb (BMY) relating to building a molecular glue-based pipeline. Key scientific achievements drive the expansion of the pipeline of molecular glue degraders in fields beyond oncology, triggering a program-based payment of $50M to Evotec. Based on potential program-based milestones, the expansion contributes to the deal value. Evotec and Bristol Myers Squibb entered their strategic protein degradation partnership in 2018 and expanded it in May of 2022, because of the initial collaboration generating a promising pipeline. Since the expansion, Evotec has scaled up its activities to develop compounds from Bristol Myers Squibb’s library of cereblon E3 ligase modulators.