Evotec OAI extends Pharmacia contract

Published: 22-Aug-2002


Evotec OAI, based in Hamburg, Germany, has signed a new four-year contract with Pharmacia, extending the agreement originally signed in February 1998.

Under the terms of the agreement, Evotec will provide Pharmacia with high quality libraries for pharmaceutical screening. As well as programme fees throughout the contract period, Evotec will receive milestone payments for each product from the collaboration which enters clinical development and/or is marketed commercially. Joern Aldag, president and ceo of Evotec, said, 'We are delighted to be extending our relationship with Pharmacia. Its decision to continue to work with us to produce their chemical libraries highlights the excellent quality of our services.'

The drug discovery division of the company achieved revenues of €22.9m (€1 = US$0.93), compared with €0.5m the previous year. The growth of €2.1m is primarily attributable to the growth in biology services. The chemistry services revenue amounted to €20.3m, slightly above the 2000 figure at €19.9m. 56% of the company's revenues were generated in the US, demonstrating its strong presence in the largest pharmaceutical market in the world.

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