09:03 AM EDT, 09/10/2024 (MT Newswires) -- Gilead Sciences ( GILD ) and biotech firm Genesis Therapeutics said Tuesday that they have signed a strategic collaboration agreement to discover and develop novel, small molecule therapies intended for multiple targets.

Under the terms of the deal, Genesis will receive an upfront cash payment of $35 million for three targets, and Gilead will have an option to nominate additional targets for a predetermined per-target fee.

Per the agreement, Genesis is also eligible to receive additional preclinical, development, regulatory, and commercial milestone payments, as well as tiered royalties on net sales if Gilead successfully commercializes products derived from the collaboration.