Absci Corporation (NASDAQ: ABSI) went up 50% after it announced that it had executed a research and collaboration agreement with Merck, commonly referred to as MSD outside Canada and the US. The company came to this agreement via its AI-powered Integrated Drug Creation Platform.
Details of the agreement
According to the agreement, Absci Corp will use its Bionic Protein amino acid tech to create enzymes designed for Merck’s biomanufacturing applications and get upfront and other milestone payments.
In addition, Merck has up to three targets they can nominate if they want and can execute drug discovery collaboration agreements. Absci could then claim up to about $610 million in milestone payments and upfront fees for all the targets they nominate. The company will also be eligible to tiered royalties on sales and research funding.
What top management has to say
Absci Corp’s Chief Executive Officer and Founder, Sean McClain said:
We look forward to applying our AI-driven platform to create new biologic candidates with the potential to meaningfully improve the lives of patients.
Mr. McClain said that they were delighted to establish this research collaboration with Merck to create novel enzymes using the expertise of the company’s leading research segment. Merck’s Senior Vice President, Dr. Fiona Marshall, said:
Absci’s platform offers a compelling opportunity to design new biologic candidates and explore the expression of complex proteins.
The SVP claims at Merck that they are continually analyzing ways to expand, build, and refine their biologics capabilities.
Absci business operations
Absci Corp just opened its new headquarters based in Washington. This was just after a few months after the company went public that valued the company at almost $2 billion.
The company that hires almost 200 employees has expanded its room to grow with a new 77,400 sq ft facility and 9,150 sq ft worth of laboratory space. Absci has been making a lot of moves in the Vancouver area and is a hugely positive force in the region.
The company was started in a basement in Portland in 2011 by Sean McClain. He the late moved his headquarters to Vancouver, a couple of miles from where they new offices are located.
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