Evotec (NASDAQ: EVO) achieved substantial progress in its strategic partnership with Bristol Myers Squibb (NYSE: BMY) relating to building a molecular glue-based pipeline. This triggered a performance-based and program-based payment of $75 million payable to the company. Shares rose nearly 12% on Aug 13, likely in response to this announcement. The partnership was initially entered between Evotec and Celgene (acquired by Bristol Myers in 2019) in 2018 to discover and develop drugs in the field of molecular glue degraders targeting oncology indications. This partnership was further expanded in 2022 for an additional eight years to identify novel molecular glue degraders targeting non-oncology indications as well. Unlike conventional small molecule therapeutics that require one or even several carefully dosed medications every day, a dose of molecular glue degraders can lead to long-lasting ...