Yesterday, the company said CEO Werner Lanthaler stepped down as CEO. Lanthaler will not continue to serve until the end of his current term, for personal reasons. 

The collaboration brings together highly complementary platforms and expertise for new therapeutics, the company said in a release. 

The partnership combines Owkin's AI target discovery capabilities with Evotec's integrated end-to-end shared R&D platform. 

AI-powered platforms will accelerate Owkin's novel programs from the discovery phase to the clinic. 

The partnership also enables Owkin to maximize capital efficiency while reducing risk. 

Evotec will receive R&D funding from Owkin and is eligible to earn performance milestone payments and royalties on product sales.

"Evotec's broad capabilities in drug discovery, which range all the way from target validation through to IND-enabling studies, coupled with their understanding of artificial intelligence and its implementation in their workflows make them an ideal partner for us," Thomas Clozel, Co-founder and CEO of Owkin, remarked.

Price Action: EVO shares are trading lower by 10.3% to $9.43 premarket on the last check Thursday.