Evotec SE (NASDAQ:EVO) is one of the best debt-free penny stocks to buy right now. On January 8, the company’s Seattle-based subsidiary Just-Evotec Biologics received a new grant from the Gates Foundation. The grant is to be used to enable global access to the company’s biotherapeutics utilizing Evotec Biologics’ molecular design suite.
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The Gates Foundation grant is also part of an effort to improve the development and reduce the cost of monoclonal antibodies. The ultimate goal is to make them affordable and accessible to prevent infectious disease in low and middle-income countries.
The grant comes on the heels of reports that Evotec is poised to benefit from Amgen’s Dark Blue Acquisition. As one of the early collaborators and investors in Oxford-based Dark Blue, the company is entitled to some proceeds from the transaction. The transaction carries a potential value of up to $840 million. Evotec has been involved in the development and expansion of Dark Blue’s technology platform and holds an equity stake of about 20%.
“Evotec welcomes Amgen’s acquisition of Dark Blue Therapeutics – a company that originally emerged as a pre-seed project within LAB282, the first collaboration in Evotec’s Academic BRIDGE portfolio,” company spokesperson Dr Sarah Fakir told the editorial staff on request. “In line with our shareholding, we have received a portion of the fixed upfront payment and see potential additional upside linked to the achievement of defined development milestones.”
Evotec SE (NASDAQ:EVO) is a global life sciences company that pioneers drug discovery and development, leveraging cutting-edge science, technology, and AI to accelerate the development of new medicines for pharma, biotech, and academia.
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Disclosure: None. This article is originally published at Insider Monkey.
