Evotec Shares Jump After Sandoz Partnership Agreement
10 Maio 2023 - 5:33AM
Dow Jones News
By Cecilia Butini
Shares in Evotec rose in early trading on Wednesday after the
German biotechnology company said its Seattle-based subsidiary
Just-Evotec Biologics would enter into a partnership with
Novartis's Sandoz to develop and manufacture biosimilar
medicines.
At 0747 GMT, Evotec shares were up 8.6% at EUR17.88.
The multiyear partnership agreement covers the development and
manufacture of several biosimilar medicines and includes an option
for expansion, Novartis said.
The partnership is an important validation of Just-Evotec
Biologics, Jefferies analyst Peter Welford said in a note.
Evotec will receive a double-digit million dollar figure upfront
and up to $640 million in future payments contingent on development
progress, plus undisclosed milestones on commercial progress, the
analyst said.
Importantly, Evotec could also receive future fee-for-service
revenue plus royalties on biosimilars manufactured using its
proprietary technology J.POD, Welford added.
Write to Cecilia Butini at cecilia.butini@wsj.com
(END) Dow Jones Newswires
May 10, 2023 04:18 ET (08:18 GMT)
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