FOSTER CITY (dpa-AFX) - Gilead Sciences, Inc. (GILD) and Terray Therapeutics, Inc. announced Tuesday that the companies have entered into a strategic collaboration to discover and develop novel, small molecule therapies across multiple targets.
Under the terms of the agreement, Terray will utilize the Terray tNova platform to discover and develop small molecule compounds against a set of targets selected by Gilead.
If Gilead exercises its option to exclusively license the compounds directed to a target, Gilead will be responsible for further development and commercialization activities for products resulting from the collaboration.
Terray will receive an upfront payment and is eligible to receive milestone payments associated with the achievement of preclinical, clinical, and sales milestones as well as tiered royalties on net sales of products commercialized by Gilead in connection with the collaboration.
Terray's tNova platform combines high-throughput chemical experimentation and computational analysis with a generative AI-driven drug discovery engine.
The company's iterative approach applies AI-empowered methods to an extensive library of quantitative, purpose-built, structure activity data to find the right molecules to solve complex problems in drug discovery.
This transaction with Terray is expected to reduce Gilead's GAAP and non-GAAP 2024 earnings per share by approximately $0.01.
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