On September 24, Massachusetts, Generate:Biomedicines announced a multi-target collaboration with Novartis to discover and develop protein therapies across multiple disease areas. This collaboration leverages Generate's proprietary generative artificial intelligence platform "The Generate Platform" to create potentially first-in-class molecules through AI-based optimization and de novo generation.$273 Million Series C Financing to Advance Generative AI Drug Pipeline）According to the terms of the collaboration agreement, Generate will receive a $65 million upfront cash payment from Novartis, including $15 million for the purchase of Generate's equity.Generate is also eligible for more than $1 billion in performance-based milestone payments, as well as tiered royalties in the double-digit range.The number of targets and treatment areas has not been disclosed.This collaboration will combine The Generate Platform with Novartis' expertise and capabilities in target biology, biologic drug development, and clinical development. The platform integrates machine learning with high-throughput experimental validation to create new therapeutic approaches and accelerate the pace of drug discovery and development.President of Novartis Biomedical ResearchFiona Marshall"We are thrilled to partner with Generate to explore the potential of generative AI in enhancing and accelerating the discovery of next-generation biologics. This collaboration offers an opportunity to leverage the unique strengths of our respective companies, from target biology and biologics discovery to machine learning/AI and clinical development, to bring forward transformative new medicines for patients."Generate: Mike Nally, CEO of Biomedics, stated:"Collaborating with world-leading drug discovery and development organizations like Novartis allows us to expand the application of our cutting-edge generative biology platform to address more areas of unmet medical needs. We look forward to working closely with Novartis' team to continue demonstrating the transformative potential of programmed biology, creating better drugs for patients faster."Follow the official account below to explore the world with you!
