Evotec (ETR:EVT) said today that it inked a 5-year drug discovery and development deal with Celgene (NSDQ:CELG) to identify stem cell therapies for a range of neurodegenerative diseases including amyotrophic lateral sclerosis, Alzheimer’s disease and Parkinson’s disease.
According to the agreement, Hamburg, Germany-based Evotec will receive an upfront payment of $45 million and Celgene will hold exclusive worldwide licensing rights to Evotec programs developed from the company’s compound library. Evotec could also receive up to $250 million in milestones and low double-digit royalties on in-licensed programs.
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