Evotec has expanded its deal with Roche for EVT 101, agreeing to conduct the Phase II clinical development in patients with treatment-resistant depression. The potential value exceeds $300 million.
EVT 101 was originally discovered by Roche and developed from discovery stages through clinical studies by Evotec.
Evotec will also conduct Phase I safety and tolerability studies for EVT 103, a follow-on compound, with Roche fully funding both development programmes. In addition, Roche has agreed to pay Evotec an upfront fee of $10 million for an option to license back the products.
Klaus Maleck, Chief Financial Officer of Evotec, said the agreement with Roche is “clear evidence of the value Evotec has created with the EVT 100 compound family over the past few years.”
If Roche exercises its buy-back option after the completion of the Phase II study, Evotec will receive a $65 million lump sum and would be eligible for further development, sales performance, and royalty payments.
If Roche decides not to exercise its buy-back option, Evotec will be granted exclusive worldwide rights to the entire EVT 100 family of compounds.
Evotec Neurosciences GmbH, a subsidiary of Evotec AG, acquired the exclusive license from Roche for the NMDA receptor NR2B subtype selective antagonists (the EVT 100 family) for the treatment of CNS disorders such as Alzheimer’s Disease, neuropathic pain and Parkinson’s Disease at the end of 2003. The compounds were in late preclinical development and included structures with good oral availability.