Absci Shares Leap Premarket on Collaboration With Merck
07 Januar 2022 - 12:39PM
Dow Jones News
By Colin Kellaher
Shares of Absci Corp. surged more than 50% in premarket trading
Friday after the drug and target discovery company said it formed a
research collaboration potentially worth more than $600 million
with Merck & Co. that will use Absci's AI-powered Integrated
Drug Creation platform.
Absci, based in Vancouver, Wash., said it will use its Bionic
Protein non-standard amino acid technology to produce enzymes
tailored to Merck's biomanufacturing applications in exchange for
an upfront payment and certain other milestone payments.
The company said Kenilworth, N.J., drugmaker Merck has the
option to nominate up to three targets and enter into a drug
discovery collaboration agreement, which would then make Absci be
eligible to receive up to $610 million in upfront fees and
milestone payments for all three targets, along with research
funding and tiered royalties on sales.
Absci shares, which closed Thursday at $6.14, were recently up
51.5% to $9.30 in premarket trading.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
January 07, 2022 06:24 ET (11:24 GMT)
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