Evotec SE (NASDAQ:EVO) shares rose on Wednesday following news of advancements in its strategic partnership with Bristol-Myers Squibb Company (NYSE:BMY), which is focused on developing a molecular glue-based pipeline.

Significant scientific advancements are broadening the pipeline of molecular glue degraders into fields beyond oncology, leading to a $50 million program-based payment for Evotec.

Evotec and Bristol Myers Squibb began their strategic partnership in protein degradation in 2018.

In May 2022, the company extended and expanded its partnership with Bristol Myers Squibb for another 8 years. In August this year, Evotec announced progress in its strategic partnership with Bristol Myers, as performance-based and program-based achievements trigger payments totaling $75 million.

Cord Dohrmann, Chief Scientific Officer of Evotec, expressed enthusiasm about the expanded partnership with Bristol Myers Squibb, highlighting its focus on addressing significant unmet medical needs beyond oncology.

This expansion also enhances the overall value of the deal through potential program-based milestones.

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Evotec has significantly increased its efforts to develop innovative compounds from Bristol Myers Squibb’s top-tier library of cereblon E3 ligase modulators (CELMoDs).

The partnership continues to deliver on its goal by adding a diverse pipeline of novel molecular glue degraders for high-value targets, extending beyond oncology.

Dohrmann emphasized that the collaboration is creating an impressive pipeline of first-in-class products and looks forward to advancing their joint programs toward clinical validation for patient benefit.

Price Action: EVO shares are trading higher by 7.49% to $3.515 at last check Wednesday.

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