Evotec Expands Neuroscience Collaboration with Bristol Myers

Bristol Myers Squibb & Co BMY has expanded its neuroscience collaboration with Evotec SE EVTCY to include a new cell type.
Related: Bristol Myers Exercises Option In-License Evotec's Neurodegenerative Candidate.
The expansion has triggered a payment of $9 million to Evotec.
The collaboration was initiated in December 2016 to identify disease-modifying treatments for a broad range of neurodegenerative diseases.
The collaboration pursues an approach to discovering and developing novel medicines by leveraging Evotec's iPSC platform using patient-derived disease models.
The latest expansion will enable the companies to investigate the root causes of many neurodegenerative diseases in a cell type-specific fashion using cells directly derived from patients.
In addition, molecular disease signatures will be used to define detailed molecular disease phenotypes using Evotec's panomics platform, EVOpanOmics & EVOpanHunter.
Price Action: EVTCY stock closed at $90.38 on Thursday, while BMY stock is down 0.77% at $58.56 during the market session on the last check Friday.