(Reuters) -Algen Biotechnologies said on Monday it has agreed to grant AstraZeneca a license to develop gene therapies the U.S.-based biotech discovers using its artificial intelligence-driven platform, in a deal worth up to $555 million.

Under the deal, AstraZeneca will get exclusive rights to develop therapies that target immune system-related disorders. The Anglo-Swedish pharmaceutical major will also get the right to sell the treatments, if they get approved, while Algen will get upfront and milestone payments.

AstraZeneca has been advancing its cell and gene therapy capabilities through acquisitions and partnerships as it works towards its target of $80 billion in sales by 2030. Globally too, drugmakers are increasingly turning to AI for drug development.

The drugmaker in March agr

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