Biotech firm Recursion to buy smaller peer Exscientia for $688 million
Recursion Pharmaceuticals (RXRX.O), opens new tab, a biotech firm which uses artificial intelligence to discover new drug candidates, has agreed to buy smaller rival Exscientia (EXAI.O), opens new tab for $688 million in an all-stock deal, according to a statement seen by Reuters.
The deal, which is expected to be announced as early as Thursday morning, comes as major drugmakers double down on AI to boost drug development, find patients for clinical trials quickly or reduce the number of people needed to test medicines, both accelerating drug development and potentially saving millions of dollars.
Source: REUTER