AI Drug Discovery Firm XtalPi Secures $100M Upfront in a Deal with DoveTree, Eyes $10B+ in Milestones

XtalPi has signed a letter of intent with DoveTree LLC, a company founded by Harvard University professor Gregory Verdine, to develop small molecule and antibody drug candidates using XtalPi’s AI- and robotics-powered discovery platform. The collaboration will focus on multiple targets selected by DoveTree in oncology, autoimmune disorders, and neurological diseases.

Under the terms outlined in the LOI, XtalPi is set to receive $51 million within 10 days of executing the definitive agreement and an additional $49 million within 180 days. The company is also eligible for development and commercial milestone payments exceeding $10 billion, along with tiered, single-digit royalties on annual net sales of resulting products. DoveTree will receive exclusive global development and commercialization rights.

Gregory Verdine holds the title of Erving Professor of Chemistry at Harvard and has founded or co-founded more than ten biotechnology companies. XtalPi, founded in 2015 by MIT-trained physicists, develops digital R&D platforms that combine quantum physics-based simulation, AI modeling, cloud computing, and robotics.

Topics: Startups & Deals