06:26 AM EDT, 08/13/2024 (MT Newswires) -- Evotec (EVO) said Tuesday that it has made further progress in its collaboration with US drugmaker Bristol-Myers Squibb ( BMY ) on building a molecular glue-based pipeline.

The German biotech firm said performance-based performance-based and program-based achievements trigger payments of $75 million to the company.

The partnership, which began in 2018 and expanded in 2022, is still working to deliver on its goal to identify novel molecular glue degraders, with a focus on oncology and beyond, Evotec said.

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