Bristol Myers Exercises Option In-License Evotec's Neurodegenerative Candidate

Evotec SE EVTCY says that Bristol Myers Squibb Co BMY has exercised its option to enter into an exclusive global license for EVT8683. It is the first program from the companies' broader neurodegeneration collaboration.
Through this opt-in, Bristol Myers Squibb will lead further development and commercialization.
Evotec receives an option payment of $20 million and can earn up to $250 million in milestone payments and up to low double-digit royalties.
EVT8683 is a small molecule targeting a key cellular stress response that holds great promise in various neurodegenerative indications and is ready to enter clinical development.
Under an option agreement with Celgene, a Bristol Myers Squibb company, Bristol Myers has rights to additional programs in neurodegenerative diseases.
Price Action: EVTCY stock closed at $100.05 on Wednesday.