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The Dow Chemical Company’s (DOW - Analyst Report) fully-owned subsidiary Dow AgroSciences LLC has entered into a research collaboration with Evotec AG. Dow will use Evotec’s advanced chemical proteomics services to support its compounds in development. The financial details of the collaboration were not revealed.

Evotec will be extending its quantitative chemical proteomics services, known as Cellular Target Profiling, to de-convolute Dow’s phenotypic screening results. Evotec's chemical proteomics platform will be broadly applicable to identify cellular target affinities and mechanisms of action on a proteome wide level and in native context. This deal will increase Dow’s drug discovery technology tool-box that will boost its performance to deliver unique solutions to its customers.

Headquartered in Hamburg, Germany, Evotec is a drug discovery alliance and development partnership company that focuses on enhancing product approaches with leading pharmaceutical and biotechnology companies around the world. The company operates globally providing superior quality stand-alone and integrated drug discovery solutions including all activities from target-to-clinic.

Dow AgroSciences LLC is a global leader in providing pest management control and biotechnology products that improve the crop productivity through higher yields and better varieties to keep pace with the growing needs of the world’s rapidly expanding population.

Dow reported its first-quarter 2013 results in Apr 2013. The company’s profit increased roughly 33% year over year to $550 million or 46 cents a share on the strength of its agriculture science business, which witnessed record sales of seeds and crop protection products. Excluding one-time items, Dow earned 69 cents a share in the quarter, up from 61 cents a year ago, beating the Zacks Consensus Estimate of 60 cents.

Dow currently holds a Zacks Rank #3 (Hold).

Other companies in the chemical industry having favorable Zacks Rank are Cytec Industries Inc. (CYT - Snapshot Report), PPG Industries Inc. (PPG - Analyst Report) and Olin Corp. (OLN - Snapshot Report). All of them hold a Zacks Rank #2 (Buy).

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