04:47 AM EDT, 03/19/2026 (MT Newswires) -- Evotec (EVO) said Thursday it will receive a $10 million milestone payment from partner Bristol-Myers Squibb ( BMY ) following the initiation of an early-stage clinical trial for a kidney cancer treatment.

The initial phase study is evaluating a jointly developed protein degradation candidate for the treatment of advanced clear cell renal cell carcinoma, the company said.

The investigational drug was created using the firm's proprietary screening and computational design technology, which directs cancer cells to destroy harmful proteins, Evotec said.

Shares of Evotec were down over 1% in Thursday premarket activity.