Evotec shares sag as Bayer terminates P2X3 program, returns rights

Bayer’s decision to hand back rights to Evotec’s P2X3 program suggests erosion of confidence in a molecule the partners had been developing in the clinic for multiple indications, shortly after Merck received a complete response letter for its therapy against the same target.

Bayer AG (Xetra:BAYN) said it concluded that the overall benefit of eliapixant, which had reached Phase II testing in four indications, no longer outweighed its risks. The pharma returned rights to the P2X3 receptor antagonist to Evotec SE (Xetra:EVT; NASDAQ:EVO), which said it will examine available data and evaluate its options...