Bristol Myers greenlights neurodegenerative medicine from Evotec pact for $20M

Evotec is headed to the bank with a cool $20 million after Bristol Myers Squibb opted in on a neurodegenerative medicine called EVT8683.

The licensing opt-in could also trigger $250 million in milestone payments down the line plus royalties on future sales.

EVT8683 is the first treatment to emerge from a collaboration Evotec signed back in 2016 with Celgene, the company that was gobbled up by Bristol Myers soon after. The $45 million upfront deal includes programs for other neurodegenerative diseases as well, with $250 million in milestones up for grabs if successful. Bristol Myers expanded the deal in 2020 to include additional cell lines for a $6 million payment to Evotec.