milestone and royalty
AI drug development startups raised $2.1B in 1st half of 2021
AbCellera and Gilead Sciences announced a new multitarget antibody discovery collaboration building on their previous infectious disease partnership from 2019. AbCellera is now starting to reap the fruits of its labor, as its successful antibody discovery programs earned the company $203 million in revenue in the first quarter of this year, including $178 million in milestones and royalties. Gilead Sciences also announced a very interesting partnership during the first half of 2021, this time with Gritstone Oncology to create a vaccine-based immunotherapy as a cure for HIV. Under the terms of the deal, Gilead is paying Gritstone $30 million upfront and a $30 million equity investment, and potentially an additional $725 million in regulatory and commercial milestones and royalties on net sales. BenevolentAI and AstraZeneca have been collaborating closely since 2019 to use AI and machine learning for the discovery and development of new treatments for chronic kidney disease (CKD) and idiopathic pulmonary fibrosis (IPF).