Recursion (NASDAQ: RXRX), a leading clinical stage TechBio company
decoding biology to industrialize drug discovery, today announced
it has signed agreements to acquire two companies in the AI-enabled
drug discovery space: Cyclica and Valence.
“Recursion has pioneered the massive, parallel generation of
-omics data with machine learning in order to map and navigate
biology to discover new medicines faster. The strategic
acquisitions of Cyclica and Valence add industry-leading
capabilities in digital chemistry, as well as machine-learning and
artificial intelligence, which combined with our large-scale
automated wet-laboratories and supercomputing capabilities, enables
us to deploy what I believe is the most complete,
technology-enabled drug discovery solution in the biopharma
industry. We look forward to showing the world proof of the
compounding benefit of this full-stack approach through the rapid
acceleration of our pipeline and partnerships. Amidst a rapidly
accelerating global race for technology talent, these acquisitions
cement Recursion as the center of gravity for the best and
brightest in ML and AI who want to reimagine how drugs are
discovered,” said Chris Gibson, Ph.D., Co-Founder and CEO of
Recursion. “I am so excited to welcome the Cyclica and Valence
teams to Recursion, especially at such a dynamic moment in history
when machine learning and artificial intelligence are creating so
much rapid change across every industry.”
Cyclica, headquartered in Toronto, has built two highly
differentiated products in the digital chemistry space which will
be integrated into the RecursionOS. MatchMaker™ is an AI-enabled
deep learning engine that predicts the polypharmacology of small
molecules as the foundation for small molecule drug discovery. It
is able to generalize across the proteome and uses both AlphaFold2
structures and homology models. POEM™ (Pareto Optimal Embedding
Model) is a unique similarity-based property prediction model. In
contrast to other AI prediction models, POEM uses multiple types of
molecular fingerprints to describe molecules, providing a much
richer measure of similarity that leads to greater accuracy.
“Cyclica and Recursion both believe in the value of
industrializing drug discovery,” said Naheed Kurji, CEO and
Co-Founder of Cyclica. “Combining our proteome-wide prediction of
small molecule-target interactions into Recursion’s data universe
will create one of the largest fit-for-purpose biological and
chemical datasets in the drug discovery space. Together, I believe
Recursion will have an immense impact on human health in the years
to come.”
Valence, headquartered in Montréal at Mila, the world’s largest
deep learning research institute, is committed to unlocking the
full potential of deep learning in the drug discovery process. The
company has pioneered the application of low-data learning in drug
design, unlocking the ability to design differentiated small
molecules with improved properties and function from datasets too
small, sparse, or noisy for traditional deep learning methods.
Valence has an unparalleled track record of innovation in molecular
machine learning, including best-in-class methods for AI-enabled
structural biology, generative chemistry, and multi-parametric
optimization, ultimately enabling the design of best-in-class or
first-in-class chemistry against challenging biology.
“The integration of Valence’s powerful AI-based chemistry engine
into Recursion’s diverse and data-rich operating system will help
unlock the true power of AI-first digital chemistry and drug
discovery,” said Daniel Cohen, CEO and Co-founder at Valence
Discovery. “Recursion is a leader in technology-enabled drug
discovery with a proven track record of leveraging data to uncover
novel biology, and I’m thrilled for our teams to join forces and
combine our respective strengths to rapidly advance new medicines
to patients who need them.”
Joining forces with Recursion’s Montréal deep learning research
office, Valence will become an artificial intelligence and machine
learning research center to be led by Daniel Cohen with continued
advisory from Yoshua Bengio.
“The acquisition of Valence gives Recursion the opportunity to
create a true center of excellence for some of the most compelling
AI/ML research in the world,” said Yoshua Bengio, deep learning
pioneer and scientific advisor to both Recursion and Valence. “With
this newly integrated group housed in the Mila ecosystem,
Recursion's team of researchers in AI and ML for drug discovery
reaches a critical mass at a crucial time in the development of new
AI algorithms for scientific discovery.”
Terms of the Acquisitions
Recursion has entered into agreements to acquire Cyclica for a
purchase price of $40 million and Valence for a purchase price of
$47.5 million, in each case subject to customary closing and
post-closing purchase price adjustments. The purchase price in the
acquisitions will be payable in the form of shares of Recursion
Class A common stock, shares of a subsidiary of Recursion
exchangeable for shares of Recursion’s Class A common stock and the
assumption of certain outstanding Valence and Cyclica options. In
certain limited circumstances, Recursion may pay nominal cash
consideration to Valence and Cyclica shareholders in lieu of such
exchangeable shares or Recursion Class A common stock. Recursion
expects no material change to its cash runway as a result of these
acquisitions. Recursion expects both acquisitions to be completed
in the second quarter of 2023, subject to applicable closing
conditions.
About RecursionRecursion is a clinical stage
TechBio company leading the space by decoding biology to
industrialize drug discovery. Enabling its mission is the Recursion
OS, a platform built across diverse technologies that continuously
expands one of the world’s largest proprietary biological and
chemical 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 and chemistry 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 offices in Toronto, Montréal and the
San Francisco Bay Area. Learn more at www.Recursion.com, or connect
on Twitter and LinkedIn.
About CyclicaAs a neo-biotech, Cyclica is
efficiently advancing an industry-leading, robust and sustainable
drug discovery portfolio focused on CNS, oncology, and auto-immune
diseases. Cyclica has built the only generalizable platform across
the entire proteome, expanding the target space for low-data
targets, including AlphaFold2 structures, PPIs, and mutant
oncogenic targets. Cyclica has brought together a diverse and
experienced team of biologists, chemists, computer scientists, and
business professionals who are collectively passionate about
changing the drug discovery paradigm. By exploring the unexplored,
and drugging the undrugged, Cyclica strives to impact patient
health like never before. For more information, please visit:
www.cyclicarx.com.
About Valence DiscoveryValence is harnessing a
revolution in computation to improve human health. The company is a
leader in developing and deploying AI and physics-based
technologies to enable the design of differentiated small molecules
with improved properties and function. Following successful
partnerships with leading biotech and pharmaceutical companies, and
an unparalleled track record of innovation featured in top AI
journals and conferences, Valence has built a team of
interdisciplinary industry veterans and computational experts
focused on rapidly advancing a portfolio of internal drug discovery
programs. Valence launched publicly in 2021, is supported by
leading biotech and deeptech investors, and is headquartered in
Montréal. To learn more, please visit www.valencediscovery.com.
Media Contact
Media@Recursion.com
Investor ContactInvestor@Recursion.com
Forward-Looking StatementsThis document
contains information that includes or is based upon
"forward-looking statements" within the meaning of the Securities
Litigation Reform Act of 1995, including, without limitation, those
regarding the timing and completion of the Cyclica and Valence
acquisitions and the outcomes and benefits expected from such
acquisitions; Recursion OS and other technologies; business and
financial plans and performance, including cash runway; and all
other statements that are not historical facts. Forward-looking
statements may or may not include identifying words such as “plan,”
“will,” “expect,” “anticipate,” “intend,” “believe,” “potential,”
“continue,” and similar terms. These statements are subject to
known or unknown risks and uncertainties that could cause actual
results to differ materially from those expressed or implied in
such statements, including but not limited to: challenges inherent
in pharmaceutical research and development, including the timing
and results of preclinical and clinical programs, where the risk of
failure is high and failure can occur at any stage prior to or
after regulatory approval due to lack of sufficient efficacy,
safety considerations, or other factors; our ability to leverage
and enhance our drug discovery platform; our ability to obtain
financing for development activities and other corporate purposes;
the success of our collaboration activities; our ability to obtain
regulatory approval of, and ultimately commercialize, drug
candidates; our ability to obtain, maintain, and enforce
intellectual property protections; cyberattacks or other
disruptions to our technology systems; our ability to attract,
motivate, and retain key employees and manage our growth; inflation
and other macroeconomic issues; and other risks and uncertainties
such as those described under the heading “Risk Factors” in our
filings with the U.S. Securities and Exchange Commission, including
our Annual Report on Form 10-K. All forward-looking statements are
based on management’s current estimates, projections, and
assumptions, and Recursion undertakes no obligation to correct or
update any such statements, whether as a result of new information,
future developments, or otherwise, except to the extent required by
applicable law.
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