Evotec AG EVTCY announced that it has extended its existing collaboration agreement with Spero Therapeutics for the development of new and ground-breaking therapeutics for Gram-negative bacteria.
The collaboration aims at discovering and developing Gram-negative bacteria for the treatment of patients with serious infections and to address the growing threat to global public health resulting from antibiotic resistance.
As per the terms of the agreement, Evotec will provide early-stage research support to Spero's Potentiator programme, which is focused on increasing the potency of existing drugs against multi-drug resistant Gram-negative bacteria. On the other hand, Evotec's in vitro and in vivo infectious disease capabilities will be directed by Spero to advance on its MvfR program that focuses on two important bacterial processes – virulence and persistance. In addition, Spero will provide substantial research funding to Evotec till the end of 2016.
No other information on the financial details was provided by the company.
We remind investors that in May 2014, Evotec established an anti-infectives platform through the acquisition of Euprotec Ltd. The acquisition had strengthened the company’s position in drug discovery services and created a new disease franchise to accelerate its Cure X and Target X initiatives under the EVT Innovate business.
The EVT Innovate business reported revenues of €14.3 in the first nine months of 2015.
Evotec currently carries a Zacks Rank #3 (Hold). Some better-ranked stocks in the health care sector include Achillion Pharmaceuticals, Inc. ACHN, Anika Therapeutics Inc. ANIK and Corcept Therapeutics Incorporated CORT, each sporting a Zacks Rank #1 (Strong Buy).
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