Deal with DoveTree, established by Harvard professor Gregory Verdine, adds to growing list of licensing tie-ups with Chinese firms
Shares of Shenzhen-based AI-powered drug researcher XTalPi jumped as much as 23 per cent after it signed a US$6 billion deal with a firm founded by a Harvard University chemist with a reputation as a serial biotech entrepreneur.
DoveTree, established by professor Gregory Verdine, signed a definitive collaboration agreement in late June with XTalPi, the Chinese company said in a filing with Hong Kong’s bourse on Tuesday. Harvard describes Verdine as a “pioneer in chemical biology and a distinguished serial entrepreneur”.
DoveTree agreed to pay XTalPi US$100 million within 180 days of the signing for the exclusive worldwide rights to develop and commercialise drug candidates discovered by XTalPi, of which US$51 million has been paid.
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