XtalPi, a global leader in AI- and robotics-powered drug and materials discovery,  announced it has signed a Letter of Intent (LOI) with DoveTree LLC, founded by Harvard University Professor and renowned biopharma entrepreneur-investor Gregory Verdine. The parties intend to execute a definitive agreement shortly. Under the collaboration, XtalPi will leverage its end-to-end, AI and robotics-driven platform to discover and develop small molecule and antibody drug candidates for multiple DoveTree-selected targets addressing oncology, autoimmune disorders, and neurological diseases.

Pursuant to the LOI, XtalPi will receive an upfront payment of $51 million within 10 days of executing the definitive agreement and an additional $49 million within 180 days. Subject to final agreement terms, XtalPi is also eligible to receive potential development and commercial milestone payments exceeding $10 billion, as well as tiered, single-digit royalties on annual net product sales. DoveTree will obtain exclusive global development and commercialization rights to the resulting therapeutics.

Professor Gregory Verdine, the Erving Professor of Chemistry at Harvard University, is a pioneer in chemical biology and a distinguished serial entrepreneur. Appointed to Harvard's faculty at age 29, he became the Chemistry Department's youngest tenured professor in nearly five decades at 35. He has elucidated the molecular mechanism of epigenetic DNA methylation and revealed the pathways by which certain genotoxic forms of DNA damage are identified and eradicated. He is a leading figure in the field of new therapeutic modalities, and has developed of a new class of therapeutics termed stapled peptides, enabling drug development against targets long considered undruggable.

As an entrepreneurial leader, Professor Verdine has founded or co-founded over ten biotechnology companies, including five publicly listed entities: Enanta Pharmaceuticals (NASDAQ: ENTA), Tokai Pharmaceuticals (NASDAQ: TKAI), and Wave Life Sciences (NASDAQ: WVE), among others. One venture was acquired by a major pharmaceutical company, while others continue developing disruptive medicines with a special focus on oncology. Three therapeutics he spearheaded—romidepsin (Istodax®), paritaprevir (a component of Viekira Pak®), and glecaprevir (a component of Mavyret®) —have received FDA approval.

Professor Verdine currently serves as a Venture Partner at Andreessen Horowitz (a16z), a role he previously held at Apple Tree Partners, Third Rock Ventures, and WuXi Healthcare Ventures. He was also a Special Advisor to Texas Pacific Group. His advisory engagements include top research institutions such as the U.S. National Cancer Institute and Harvard Medical School.

"By integrating XtalPi's cutting-edge AI capabilities with decades of drug development expertise, we have a unique opportunity to deliver transformative therapies to patients worldwide," stated Professor Verdine.