Evotec announced that a definitive agreement for a major multi-component strategic alliance over the next five years has been signed with Sanofi.
The transaction is expected to close on 31 March 2015.
This successfully concludes the exclusive negotiations for a major multi-component strategic collaboration which the two companies entered into on 02 December 2014.
The collaboration will result in a minimum guaranteed commitment from Sanofi to Evotec of EUR 250 m, including more than EUR 40 m upfront cash payment.
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The five-year agreement includes initiatives with both of Evotec's two business segments (EVT Execute and EVT Innovate).
Following its strategic growth plans, Evotec will expand its industry-leading capabilities in drug discovery by integrating a state-of-the-art facility of approx. 20,000 m2 and more than 200 highly qualified and experienced employees in Toulouse, France.
Evotec will integrate the Toulouse capacities into its global drug discovery infrastructure and offering.
The expanded capabilities will serve to support collaborative research in drug discovery from screening to identification of pre-clinical candidates with Evotec's Pharma, biotech, venture capital and academic partners.
Evotec will provide a broad range of long-term drug discovery services to Sanofi.
This agreement is centred on the core small-molecule discovery platforms in Toulouse for the period of the contract over the next five years.
In addition, Evotec will assume management of Sanofi's global screening compound library.
In a first-in class, ground-breaking 'open innovation initiative', both companies will combine their libraries and offer them for screening to Evotec's business partners.
This creates one of the largest and most valuable sources of starting points for drug discovery with approx. 1,700,000 compounds available to screen.
The definitive agreement defines the conditions under which Evotec and Sanofi intend to jointly progress a portfolio of primarily oncology related projects, including five advanced, pre-clinical projects and further discovery-stage assets, to IND ("Investigational New Drug") status or other value inflection points before partnering them.
Sanofi and Evotec aim at further energising and accelerating the translation of excellent science from academic institutions to Pharma.
In a joint effort, Evotec will scout and incubate projects generated in France into the pipeline of Evotec's Cure X/ Target X strategy.