Evolva has entered into an agreement with a private US biotech venture to develop new production routes for a family of existing active pharmaceutical ingredients (“API”).
Evolva will be responsible for the development of the production routes, whilst the partner will be responsible for the registration and commercialisation of the resulting products. The partner’s management has many decades of experience in developing and commercialising pharmaceuticals.
The collaboration will both benefit from, and provide benefits to, some of Evolva’s existing product developments and follows Evolva’s strategy of monetising applications outside its focus areas with partners.
Evolva will receive a low single digit million US dollar sum over the next 12 months with later phases potentially increasing this to several tens of millions of dollars in R&D funding. Evolva also receives a 20% equity stake in the partner.
This partnership does not change the revenue guidance for 2016