Goodwin’s Life Sciences team advised Generate:Biomedicines on a multi-target collaboration with Novartis to develop protein therapeutics across multiple disease areas. The collaboration leverages Generate’s proprietary generative AI and high-throughput experimental validation platform to identify and create molecules through AI-based optimization and de novo generation. Under the terms of the collaboration agreement, Generate will receive a total upfront payment of $65 million in cash from Novartis, which includes $15 million for the purchase of equity in Generate. Generate is also eligible to receive more than $1 billion in performance-based milestone payments, in addition to tiered royalties up to low double-digits.
Generate:Biomedicines, founded by Flagship in 2018, is a clinical-stage biotechnology company leading a fundamental shift from drug discovery to drug generation. The company was founded at the intersection of machine learning, biological engineering, and medicine that is advancing a new era of programmable biology to engineer better medicines for patients, faster. The Generate platform’s infusion of technology into biology allows Generate to address historically undruggable and hard-to-drug targets as well as known targets in new and more effective ways.
The Goodwin team was led by Adam Bellack, Jennifer Ford, Robert Dzialo, Ryan Donahoe, Susan Lee, Arman Oruc, and Dan Karelitz.
For more information on the deal, please read the press release and coverage in Fierce Biotech and Endpoints News.