Singapore, June 23 -- China-based startup XtalPi, a global leader in artificial intelligence (AI)- and robotics-powered drug and materials discovery, 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...