Evotec gains on AD deal with Roche

Evotec AG (Xetra:EVT) gained EUR 0.32 (17%) to EUR 2.16 on Tuesday after granting Roche (SIX:ROG; OTCQX:RHHBY) exclusive, worldwide rights to develop and commercialize Alzheimer's disease candidate EVT 302, a reversible monoamine oxidase type B ( MAO-B) inhibitor. Evotec will receive $10 million up front and is eligible for up to $820 million in milestones, plus tiered double-digit royalties. Roche, which is responsible for all development, manufacturing and commercialization, plans to start proof-of-concept (POC) studies in 2012. ...