Evotec SE-Evotec (EVO) Rises 12% on $75M Milestone Payment From BMY

Core Insights - Evotec (EVO) has made significant advancements in its strategic partnership with Bristol Myers Squibb (BMY), resulting in a performance-based payment of $75 million, leading to a nearly 12% increase in shares on August 13 [1][4] Partnership Developments - The partnership between Evotec and Celgene (acquired by Bristol Myers in 2019) began in 2018, focusing on drug discovery and development in molecular glue degraders for oncology. This partnership was extended in 2022 for an additional eight years to include non-oncology indications [2] - Evotec and Bristol Myers have another strategic partnership in neuroscience, which has generated multiple milestone payments totaling$ 70 million in 2024 alone, with payments of $25 million,$ 20 million, and $25 million announced in January, June, and August respectively [5] Technology and Market Position - Molecular glue degraders offer long-lasting therapeutic effects compared to conventional small molecule therapeutics, which require multiple daily doses. This technology significantly expands the range of druggable proteins [3] - Year-to-date, Evotec's stock has decreased by 71.7%, contrasting with a 4.7% decline in the industry [4] New Collaborations - Recently, Evotec entered a multi-year collaboration with Pfizer (PFE) focusing on early discovery research for metabolic and infectious diseases, although financial terms were not disclosed [6]