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Evotec Forms Breakpoint Therapeutics

Evotec SE (EVTCY.PK) said that it formed Breakpoint Therapeutics GmbH, a spin-off company focusing on the development of Evotec's DNA damage response or "DDR" portfolio.

Breakpoint Therapeutics, which aims to accelerate early projects through discovery and pre-clinical development and expect to deliver the first IND-ready drug in 2022, will initially focus on advancing multiple drug discovery programmes initiated at Evotec that address high unmet medical needs of different patient groups.

The early stage funding amounting to 30 million euros will be covered by a consortium led by Medicxi, Taiho Ventures LLC, and Evotec. Evotec will hold below 50% of the company and consolidate at equity accordingly.

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