On September 28, 2016: Evotec AG (Frankfurt Stock Exchange: EVT, TecDAX, ISIN: DE0005664809) reported a multi-target collaboration with C4X Discovery Holdings plc ("C4XD") (Press release, Evotec, SEP 28, 2016, View Source [SID:SID1234515478]). The new agreement builds on the successful research collaboration with C4XD announced in January 2015 and will see C4XD and Evotec work together to develop new small molecule drugs across a range of targets, therapeutic areas and stages of development, with the initial programmes targeted towards the treatment of cancer and autoimmune diseases.

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The new long-term strategic alliance will be a rolling multi-target programme with a minimum of three parallel drug discovery projects active at any point in time. As part of the agreement, Evotec will apply its extensive assay and screening technologies, laboratory scientists and medicinal chemistry know-how to selected C4XD programmes, in return for funding to partially cover operational costs, milestones dependent on developmental success and a share of potential future royalties.

Each programme will run until the point of Potential Development Candidate ("PDC") nomination, after which C4XD, which retains all IP, will have the right to out-license successful projects to the pharma industry or proceed itself to clinical studies on a case-by-case basis, as per its existing model.

Financial terms have not been disclosed.

Dr Mario Polywka, Chief Operating Officer of Evotec, commented: "We are very pleased to continue and expand the broad-based drug discovery collaboration with C4XD. This integrated drug discovery deal showcases our broad target class expertise coupled with our industry leading platform, which perfectly complements C4XD’s technology and expertise. We look forward to a fruitful collaboration with our scientific colleagues and friends at C4XD."

Clive Dix, CEO of C4X Discovery, added: "We are delighted to expand on our successful relationship with Evotec through this alliance that is designed to support us in achieving our vision of becoming the world’s most productive drug discovery engine. This new long-term agreement is a step change from our previous collaboration as now the risk of small molecule development will be shared as we progress candidates towards the clinic. We have already identified the first three small molecule targets and the combination of our unique technologies and the infrastructure and expertise that Evotec has in place will enable us to accelerate the development of novel small molecule drug candidates."