Today, XtalPi, a global leading AI+robotics R&D platform for new drugs and new materials (2228.HK) announced, in collaboration with Gregory Verdine, a tenured professor at Harvard University in the United States, a legendary entrepreneur and investor in the U.S. pharmaceutical industry, who has established DoveTree LLCSign a letter of intent for cooperation and will sign the final agreement in the near future based on this letter of intent.
According to the letter of intent, XtalPi will utilize its end-to-end AI drug discovery platform based on AI + robotics to discover and develop small molecule and antibody candidate drugs for multiple targets selected by DoveTree in the fields of oncology, autoimmune diseases, and neurological disorders. Based on this letter of intent, XtalPi will receive upfront payments of $51 million and $49 million within 10 days and 180 days respectively after the signing of the final agreement. Additionally, it is eligible to receive potential development and sales milestone payments amounting to billions of dollars, as well as royalties in the low single-digit percentage range based on the products' annual net sales (subject to the amounts confirmed in the final agreement). DoveTree will obtain exclusive global development and commercialization rights for the aforementioned products.
Professor Gregory Verdine is a pioneer in the field of chemical biology, a successful serial entrepreneur, and a senior venture capitalist in the life sciences sector. He was appointed as a professor at Harvard University at the age of 29 and became the youngest tenured professor in Harvard's chemistry department in nearly 50 years at the age of 35. Professor Verdine uncovered the molecular mechanisms of epigenetic regulation and DNA repair, and pioneered a new paradigm for therapies by revolutionizing the field with his "stapled peptide" technology to target previously "undruggable" targets, establishing his status in academia.As a successful serial entrepreneur and business leader, he has founded more than 10 biotech companies, including Enanta Pharmaceuticals (NASDAQ: ENTA), Tokai Pharmaceuticals (NASDAQ: TKAI), and WaVe Life Sciences (NASDAQ: WVE). Five of these companies have successfully gone public, one was acquired by a biopharmaceutical giant, and the remaining companies are dedicated to developing disruptive drugs, particularly in cancer treatment.Made outstanding contributions in the field. The three new drugs he led the development of—Romidepsin (Romidepsin/Istodax®), Paritaprevir (a component of Viekira Pak®), and Glecaprevir (a component of Mavyret®)—have been approved by the FDA for marketing.Professor Verdine has long served as a scientific advisor to top research institutions such as the U.S. National Cancer Institute and Harvard Medical School, and has focused for many years on cutting-edge technology and investment in the biopharmaceutical industry. He currently serves as an investment partner at the well-known investment firm Andreessen Horowitz (a16z), and has acted as an investment partner at venture capital firms specializing in the biopharmaceutical field, such as Apple Tree Partners, Third Rock Ventures, and WuXi Healthcare Ventures, as well as a special advisor to Texas Pacific Group.Professor Gregory Verdine believes that combining XtalPi's AI technology advantages with his own years of drug development experience has the potential to bring breakthrough therapies to patients worldwide.'%20fill='%23FFFFFF'%3E%3Crect%20x='249'%20y='126'%20width='1'%20height='1'%3E%3C/rect%3E%3C/g%3E%3C/g%3E%3C/svg%3E)
