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Evotec up on Roche deal

June 22, 2006 1:15 AM UTC

Evotec (FSE:EVT) gained EUR 0.43 (15%) to EUR 3.28 on Wednesday after announcing a deal with Roche (SWX:ROCZ) to discover and develop compounds against an undisclosed EVT target to treat CNS diseases. EVT will use its assay development, ultra-high throughput screening technologies and medicinal chemistry to identify compounds that interact with the target. The companies will jointly develop compounds up to clinical development, at which point ROCZ has an option for exclusive rights. EVT is eligible for more than EUR 100 million ($126.4 million) in milestones, plus royalties. If ROCZ does not exercise its opt-in rights, EVT will have the right to opt-in and make adjusted payments to ROCZ. ...