X-Chem is a privately owned biotechnology company based in Waltham, MA. It is focused on applying its next-generation DNA-Encoded library (DEX) to discover and develop small-molecule leads against high-value therapeutic targets.

ALK is a global allergy solutions company based in Hørsholm, Denmark. It provides a wide range of products and treatments for allergy sufferers and doctors.

Under the terms of the agreement, X-Chem will utilize its DEX screening platform, which takes advantage of advanced drug-like DEX library designs and proprietary informatics tools to search for novel leads for allergy targets identified by ALK. After screening with DEX, X-Chem and ALK will collaborate to jointly advance identified leads to the clinic. Together, they will leverage X-Chem's expertise in medicinal chemistry with ALK's expertise in assays, animal models, and clinical development for the treatment of allergies. ALK will have exclusive global rights to commercialize any products resulting from the collaboration.

X-Chem received payment upfront from ALK upon signing the agreement and is eligible for future research payments and milestones based on future research achievements. X-Chem is also eligible for further payments upon ALK reaching specific regulatory and sales milestones, as well as royalties on sales of products identified under the agreement.