On August 5, 2025, XtalPi Holdings Limited (HKEX: 02228) announced that its subsidiary, Shenzhen XtalPi Technology Co., Ltd., has entered into a definitive agreement with DoveTree Medicines LLC, a company founded by Professor Gregory Verdine, and its affiliates. Under the agreement, XtalPi will leverage its end-to-end “AI + robotics” driven drug discovery platform to identify and develop small-molecule and antibody drug candidates for multiple targets selected by DoveTree, primarily addressing oncology, autoimmune and inflammatory diseases, neurological disorders, and metabolic conditions.
As of the date of this announcement, XtalPi has received the upfront payment of USD51 million as stipulated under the definitive agreement. Under the terms of the agreement, XtalPi is entitled to an additional payment of USD49 million, and is also eligible to receive potential regulatory and commercial milestone payments of up to USD5.89 billion, as well as potential royalties based on annual net product sales.
Professor Gregory Verdine, Erving Professor of Chemistry at Harvard University, is a pioneer in chemical biology and a distinguished serial entrepreneur. He has elucidated the molecular mechanism of epigenetic DNA methylation, and is a leading figure in the field of new therapeutic modalities. As an entrepreneurial leader, Professor Verdine has founded or co-founded over ten biotechnology companies, including five publicly listed entities. Three  therapeutics he spearheaded have received FDA approval. Professor Verdine currently serves as a Venture Partner at Andreessen Horowitz (a16z). His advisory engagements include top research institutions such as the U.S. National Cancer Institute and Harvard Medical School.  XtalPi is committed to delivering drug discovery and material science R&D solutions and services through “AI + robotics” technology. The implementation of this transaction will further enhance XtalPi’s “AI + robotics” autonomous experimental platform in the field of drug discovery, with the goal of bringing breakthrough therapies to patients worldwide.
Fangda provided comprehensive legal services to XtalPi in this transaction. The Fangda team was led by Corporate partner Diana Li, who was responsible for drafting and negotiating the transaction documents. Team members included associates Miao Rui and Grace Dai. Intellectual Property partner Liao Tingting and counsel Malcolm Gao  supported on intellectual property matters.