Hamburg, Germany - Evotec AG (Frankfurt Stock Exchange: EVT, TecDAX 30, "Evotec") announced today that the first milestone has been achieved in its four-year drug discovery collaboration with Takeda Pharmaceutical Company Limited (Osaka, Japan, "Takeda").
 
Evotec has granted Takeda exclusive rights in a novel target in Alzheimer's disease based on successful target identification and validation work triggering a milestone payment of a few millions Euro. Importantly, Evotec is 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. Evotec is entitled to additional milestone payments should Takeda select additional targets from Evotec. 
 
Dr John Kemp, Executive Vice President R&D Evotec Pharmaceuticals Division, commented: "We are extremely proud that we have reached our first project milestone with Takeda. Over the past two years we have made excellent progress in building substantial expertise and IP around novel Alzheimer's disease targets. The relationship with Takeda is very productive and we are looking forward to jointly leverage our innovative Alzheimer's disease toolbox during the years to come."
 
The four-year collaboration between Evotec and Takeda (see press release of 1 August 2003) 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. Total payments to Evotec will reach up to EUR 20 million covering access fees to Evotec's 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. Additional substantial milestones would also be payable on the successful clinical development of compounds acting on selected targets. Further financial details of the collaboration are not disclosed.
 
Evotec AG
Anne Hennecke
Phone: +49 40 56081-286
E-mail: anne.hennecke@evotec.com
Evotec AG
Anne Hennecke
Phone: +49 40 56081-286
E-mail: anne.hennecke@evotec.com