By Fineline Cube 
Shenzhen-based QuantumPharm Inc., known as Xtalpi Inc. (HKG: 2228), announced the signing of a Letter of Intent (LOI) with DoveTree LLC, a biotech company founded by Gregory Verdine, a tenured professor at Harvard University and a renowned biotech entrepreneur and investor. The parties plan to execute a definitive agreement based on this LOI in the near future.
Collaboration Framework
Under the LOI, XtalPi will utilize its AI- and robotics-powered end-to-end drug discovery platform to identify and develop small molecule and antibody drug candidates. DoveTree has selected multiple targets across oncology, autoimmune diseases, and neurological disorders for this collaboration.
Financial Terms
As part of the agreement, XtalPi will receive an upfront payment of USD 51 million within 10 days of signing the definitive agreement. An additional USD 49 million will be provided within 180 days. XtalPi is also eligible for potential development and sales milestone payments exceeding USD 10 billion. Furthermore, the company will receive single-digit percentage royalties based on the annual net sales of commercialized products. Exact terms are subject to the definitive agreement.
Rights and Development
DoveTree will obtain global exclusive rights to develop and commercialize the resulting products from this collaboration.-Fineline Info & Tech