The business combination of two AI-powered drug discovery and
development companies, Recursion (Nasdaq: RXRX) and Exscientia has
been completed, with Exscientia becoming a wholly owned subsidiary
of Recursion creating a vertically-integrated and
technology-enabled drug discovery platform. Exscientia ADSs
(Nasdaq: EXAI) ceased trading and will be delisted from Nasdaq.
“I believe the combination of the incredible teams and platforms
at Exscientia and Recursion position us as the leader of the
AI-enabled drug discovery and development space,” said Chris
Gibson, Ph.D., Co-Founder and CEO of Recursion. “With more than 10
clinical and preclinical programs in the internal pipeline, more
than 10 partnered programs and over $450M in upfront and realized
milestone payments received from partners to date out of more than
$20B possible, we are advancing a flywheel of discovery and
creating value in our pipeline through technology.”
“The combination of our platforms and people make us the company
to beat,” said David Hallett, Ph.D., former CSO and Interim CEO of
Exscientia and newly appointed Chief Scientific Officer at
Recursion. “With our combined strength of real-world proprietary
data and the models we’ve created – hypothesizing, testing and
learning in a continuous loop – we're redefining the space by
shrinking timelines and costs, identifying and optimizing lead
candidates faster than traditional methods.”
The Company is pleased to share updates on the combined
entity’s pipeline, partnerships, and platform below:
Pipeline
The combined pipeline represents more than 10 clinical and
preclinical programs. In addition there are approximately 10
advanced discovery programs in the current pipeline.
Updated guidance is bulleted below as well as a snapshot of our
pipeline:
- REC-617 (CDK7 inhibitor; Advanced Solid Tumors): Initial Phase
1 monotherapy safety and PK/PD data expected at the AACR Special
Conference on December 9th 2024, and a webinar to follow on
December 10th 2024.
- REV102 (ENPP1 inhibitor; Hypophosphatasia): Development
candidate nomination expected in Q4 2024
- REC-4881 (MEK1/2 inhibitor, Familial Adenomatous Polyposis):
Phase 1b/2 safety and early efficacy data expected in H1 2025
- REC-2282 (pan-HDAC inhibitor; Neurofibromatosis Type 2): PFS6
futility analysis expected by H1 2025
- REC-3565 (MALT1 inhibitor, B-Cell Malignancies): Phase 1 first
patient dosed (FPD) expected in Q1 2025
- REC-4539 (LSD1 inhibitor, Small-Cell Lung Cancer): Phase 1
first patient dosed (FPD) expected in H1 2025
- REC-994 (Superoxide scavenger, Cerebral Cavernous
Malformation): Further data to be shared at an upcoming medical
conference / publication / webinar in H1 2025; regulatory update
expected by H2 2025
- REC-394 (C. difficile Toxin B selective inhibitor, C.
difficile): Phase 2 update expected in Q1 2026
- REC-1245 (RBM39 degrader; Solid Tumors and Lymphoma): Phase 1
dose-escalation data update expected in H1 2026
- REC-4209 (undisclosed target; Idiopathic Pulmonary Fibrosis):
IND-enabling studies are ongoing
- REC-4881 in APC/AXIN1 indications have been deprioritized as
part of a disciplined strategic prioritization of the portfolio.
Study status will be updated on clinicaltrials.gov
Partnerships
The combined company’s therapeutic partnerships represent more
than 10 partnered programs in areas such as oncology and
immunology. The combined company has received approximately $450M
in upfront and milestone payments from partnerships to date.
Through these partnerships, we have the potential to receive more
than approximately $20B in additional milestone payments before
royalties.
Platform
With chemical design and synthesis methods from Exscientia 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 OS to be a first-in-class and
best-in-class drug discovery and development platform.
The platform will continue to drive iterative loops of
hypotheses and active learning all the way from research to
development, with the goal of eventually creating virtual cells
that will allow the company to execute clinical trials at
scale.
Company, Board, and Leadership Updates
The combined 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.
Individual board and executive leadership changes of Recursion,
effective as of November 20, 2024, are summarized below:
- Franziska Michor, a former member of the Board of Directors of
Exscientia, was appointed as a Class II Director of the Board of
Directors of Recursion, with her initial term to extend until the
2026 Annual Meeting of Stockholders of Recursion.
- Ben Taylor, former Chief Financial and Strategy Officer of
Exscientia, was appointed as the Chief Financial Officer of the
Company and President of Recursion UK.
- Dave Hallett, former Interim Chief Executive Officer of
Exscientia, was appointed as Chief Scientific Officer of the
Company.
- Kristen Rushton, Chief Business Operations Officer of the
Company, was promoted to Chief Operating Officer of the
Company.
- Matthew Kinn, Senior Vice President, Business Development and
Corporate Initiatives of the Company was promoted to serve as Chief
Business Officer of the Company.
- Lina Nilsson, Senior Vice President, Emerging Technologies of
the Company, was promoted to serve on the executive team as Senior
Vice President, Head of Platform of the Company.
- Michael Secora, Tina Marriott, and Laura Schaevitz will
transition from their executive roles into advisor roles for the
combined company. All three have provided many years of dedicated
service to the Company and we wish to express our heartfelt
gratitude for each of them. Recursion would not be where it is
today without their dedication and efforts.
Update Call Information
Recursion will host an update call today at 7:30 a.m. ET / 5:30
a.m. MT / 12:30 p.m. GMT. The Company will broadcast the live
stream from Recursion’s X (formerly Twitter), LinkedIn and YouTube
accounts, and on Exscientia’s LinkedIn account. Questions can be
submitted via this link ahead of time or during the livestream.
About Recursion Recursion is a leading,
clinical-stage TechBio company decoding biology to industrialize
drug discovery. Central to its mission is the Recursion Operating
System (OS), a platform built across diverse technologies that
continuously expands one of the world’s largest proprietary
biological, chemical and patient-centric datasets. Recursion
leverages sophisticated machine-learning algorithms to distill from
its dataset a collection of trillions of searchable relationships
across biology and chemistry unconstrained by human bias. By
commanding massive experimental scale—up to millions of wet lab
experiments weekly—and massive computational scale—owning and
operating one of the most powerful supercomputers in the
world—Recursion is uniting technology, biology, chemistry and
patient-centric data to advance the future of medicine.
Recursion is headquartered in Salt Lake City, where it is a
founding member of BioHive, the Utah life sciences industry
collective. Recursion also has other primary offices in Toronto,
Montreal, the San Francisco Bay Area, New York, the Oxford area,
and London.
Recursion Investor
Relationsinvestor@recursion.com
Recursion Mediamedia@recursion.com
Forward Looking Statements
Statements contained herein which are not historical facts may
be considered forward-looking statements under federal securities
laws and may be identified by words such as “anticipates,”
“believes,” “estimates,” “expects,” “intends,” “plans,”
“potential,” “predicts,” “projects,” “seeks,” “should,” “will,” or
words of similar meaning and include, but are not limited to,
statements regarding the leadership position of the combined
company and its impact on the industry; the ability for the
combined business to accelerate the discovery of better solutions
for patients; the timing of IND submissions and IND enabling
studies; the potential to receive upfront, milestone, and royalty
payments and work on over 60 therapeutic programs; the
strengthening of the Recursion OS through the combined company; the
continued learning of Recursion’s platform and the creation of
virtual cells to enable execution of clinical trials at scale;
Recursion’s achievement of efficiencies; the continuous expansion
of the Recursion OS datasets; and advancing the future of medicine;
the outlook for Recursion’s future business and financial
performance; and others. Such forward-looking statements are based
on the current beliefs of Recursion’s management as well as
assumptions made by and information currently available to them,
which are subject to inherent uncertainties, risks and changes in
circumstances that are difficult to predict. Actual outcomes and
results may vary materially from these forward-looking statements
based on a variety of risks and uncertainties including: the
ability of the combined company to retain key personnel; the
ability to realize the benefits of the combination, including cost
synergies; the ability to successfully integrate Exscientia's
business with Recursion’s business, at all or in a timely manner;
the amount of the costs, fees, expenses and charges related to the
combination; the effect of economic, market or business conditions,
including competition, regulatory approvals and commercializing
drug candidates, or changes in such conditions, have on the
combined company’s operations, revenue, cash flow, operating
expenses, employee hiring and retention, relationships with
business partners, the development or launch of technology enabled
drug discovery, and commercializing drug candidates; the risks of
conducting business internationally; the impact of changes in
interest rates by the Federal Reserve and other central banks; the
impact of potential inflation, volatility in foreign currency
exchange rates and supply chain disruptions; the ability to
maintain technology-enabled drug discovery in the biopharma
industry; and risks relating to the market value of Recursion’s
Class A common stock.
Other important factors and information are contained in
Recursion’s most recent Annual Report on Form 10-K, including the
risks summarized in the section entitled “Risk Factors,”
Recursion’s subsequent Quarterly Reports on Form 10-Q, the joint
definitive proxy statement filed by Recursion and Exscientia on
October 10, 2024, as amended by the supplemental disclosures filed
by Recursion on November 6, 2024, and each of Recursion’s other
filings with the U.S. Securities and Exchange Commission (the
“SEC”), which can be accessed at https://ir.recursion.com, or
www.sec.gov. All forward-looking statements are qualified by these
cautionary statements and apply only as of the date they are made.
Recursion undertakes no obligation to update any forward-looking
statement, whether as a result of new information, future events or
otherwise.
Photos accompanying this announcement are available
athttps://www.globenewswire.com/NewsRoom/AttachmentNg/359d7cd4-0ccf-4210-938d-f585a9b073eehttps://www.globenewswire.com/NewsRoom/AttachmentNg/a94dc301-518d-48a8-b8d3-430cd726d651https://www.globenewswire.com/NewsRoom/AttachmentNg/57cb9454-a7a7-4abf-a76f-82356a3682ac
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