KUALA LUMPUR, Nov 21 (Bernama) -- Recursion has completed its merger with Exscientia, making Exscientia a wholly owned subsidiary of Recursion, forming a vertically-integrated and technology-enabled drug discovery platform.
As part of the merger, Exscientia American Depositary Shares (ADSs) will cease trading and be delisted from Nasdaq, according to a statement.
Recursion Co-Founder and Chief Executive Officer (CEO), Chris Gibson expressed confidence that the combination of the two companies' teams and platforms will position them as the leader in artificial intelligence (AI)-enabled drug discovery and development space.
Meanwhile, Exscientia Interim CEO and former Chief Scientific Officer (CSO), who will now serve as CSO at Recursion, David Hallett said their combined strength of real-world proprietary data and the models created are redefining the space by shrinking timelines and costs, identifying and optimising lead candidates faster than traditional methods.
The combined entity's pipeline includes more than 10 clinical and preclinical programmes, approximately 10 advanced discovery programmes in development, and over 10 partnered programmes in areas such as oncology and immunology.
To date, the combined company has received approximately US$450 million in upfront and milestone payments from partnerships, with the potential for over US$20 billion in additional milestone payments before royalties. (US$1=RM4.70)
With the integration of Exscientia’s chemical design and synthesis methods and over 60 petabytes of proprietary data generated in house or licensed from partners like Helix and Tempus, the combined entity will strengthen the Recursion Operating System (OS) to be a first-in-class and best-in-class drug discovery and development platform.
The merged company will have approximately 800 employees with the headquarters remaining in Salt Lake City, and primary offices in Toronto, Montreal, Milpitas, New York, the Oxford area, and London.
-- BERNAMA
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