Absci Corporation (NASDAQ: ABSI) saw its shares rocket Friday, on word it has entered into a research collaboration with Merck (NYSE:MRK), using Absci’s AI-powered Integrated Drug Creation™ Platform.
Absci, based in Vancouver, Wash., is a drug and target discovery company harnessing deep learning AI and synthetic biology to expand the therapeutic potential of proteins.
It claims to have built its Integrated Drug Creation™ Platform to identify novel drug targets, discover optimal biotherapeutic candidates, and generate the cell lines to manufacture them in a single efficient process. Biotech and pharma innovators partner with us to create the next generation of protein-based drugs, including Bionic Proteins™ containing nonstandard amino acids, and other novel drug designs that may be impossible to make with other technologies.
Under the collaboration, Absci will deploy its Bionic Protein™ non-standard amino acid technology to produce enzymes tailored to Merck’s biomanufacturing applications and receive an upfront and certain other milestone payments.
In addition, Merck has the option to nominate up to three targets and enter into a drug discovery collaboration agreement, and Absci would then be eligible to receive up to $610 million in upfront fees and milestone payments for all three targets, as well as research funding and tiered royalties on sales.
CEO Sean McClain commented, "We are very pleased to establish this collaboration with Merck and to be working with its world class research organization to generate novel enzymes. We look forward to applying our AI-driven platform to create new biologic candidates with the potential to meaningfully improve the lives of patients."
ABSI began Friday up $2.15, or 35.2%, to $8.29 while shares in MRK eked up three cents to $78.80.
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