HAMBURG (dpa-AFX) – The drug researcher Evotec (EVOTEC SE) has to accept a setback in the cooperation with Bayer. Bayer is discontinuing the development of the P2X3 antagonist Eliapixant, as the MDAX company announced on Friday in Hamburg. The program stems from an earlier research collaboration between the two companies.
After trading was interrupted for a few minutes, the price fell by 17 percent to a good 30 euros, the lowest level since the end of March 2021. Trading was then interrupted a second time. Most recently, the share was down 12.8 percent at EUR 31.75.
After evaluating study data, Bayer no longer sees a sufficiently high benefit-risk ratio for the drug candidate for chronic cough, the statement said. The step comes as a surprise not only for the stock market – the company itself had not expected this either, as an Evotec spokeswoman admitted on Friday. “Basically, something like this can always happen.”
Evotec will now regain the rights to all P2X3 assets. The MDax group wants to evaluate the study data as soon as they are available and then consider “all options”. Theoretically, Evotec could, for example, continue researching on its own or get a new partner on board – or stop the studies completely. However, these are already well advanced, said the spokeswoman.
According to Evotec, the Bayer Group’s decision has no impact whatsoever on the company’s goals up to 2025. Nevertheless, it is likely to be a heavy blow for the Hamburg contract researcher, because his research has not yet resulted in any drug that has received market approval. The cough medicine Eliapixant was considered one of the more promising candidates in the Hanseatic League’s pipeline.
As recently as August, Evotec announced that it had been informed by its cooperation partner about the positive results of a phase IIb clinical trial with the substance to evaluate the safety and efficacy in the treatment of a specific form of chronic cough.
In a study from the end of November, analyst Peter Welford from the Jefferies investment house put Eliapixant at EUR 2 per Evotec share. At the time, the expert gave the drug a 65 percent chance of approval and predicted a potential for peak sales of $1.6 billion a year./mis/tav/jha/
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