07:41 AM EST, 12/17/2024 (MT Newswires) -- Gilead Sciences ( GILD ) and Terray Therapeutics said Tuesday that they agreed to collaborate on discovering and developing novel, small molecule therapies for multiple targets.

Under the partnership, Terray will use its Terray tNova platform to discover and develop small molecule compounds against Gilead's chosen targets, according to the statement.

The companies said Gilead will have the option to exclusively license the compounds and will be in charge of further development and commercialization processes. Meanwhile, Terray will be entitled to an upfront payment, milestone payments, and tiered royalties on commercialized products from the collaboration, the companies added.

Gilead said it expects the transaction with Terray to lower its 2024 GAAP and non-GAAP earnings per share by about $0.01.