Two of the leading companies in the AI drug development field, Recursion Pharmaceuticals and Exscientia, said Thursday that they will merge into one company.
The new company will continue using the Recursion name and be led by Recursion co-founder and CEO Chris Gibson. Exscientia’s interim CEO, David Hallett, will serve as the company’s science chief. Recursion is spending $688 million in the all-stock deal, Reuters reported.
Recursion shareholders will own approximately 74% of the combined company and Exscientia shareholders will own approximately 26%.
