Image credit: BenevolentAI
BenevolentAI, a London-based clinical-stage AI-powered drug discovery firm, introduced on Monday that it has began buying and selling on Euronext Amsterdam underneath the ticker image BAI.
The announcement comes after agreeing to go public by a merger with blank-check firm Odyssey Acquisition at a valuation of €1.5B.
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By the enterprise mixture, BenevolentAI has acquired gross proceeds of €225M. The proceeds will allow BenevolentAI to speed up the event of its medical pipeline and proceed investing in its know-how platform.
As part of the deal, Olivier Brandicourt, the previous CEO of Sanofi, and Jean Raby, the previous CEO of Natixis Funding Managers, have joined the board of BenevolentAI.
Joanna Shields, Chief Govt Officer of BenevolentAI, says, “Right this moment, the Benevolent Platform is totally operational, scientifically validated, and producing outcomes, demonstrated by our in-house pipeline of over 20 platform-generated drug candidates and profitable collaborations. This itemizing underscores our dedication to changing into a key participant within the world drug discovery sector.”
BenevolentAI: What it is advisable know
Based by Ken Mulvany, BenevolentAI is a clinical-stage AI drug discovery firm that mixes superior AI and machine studying with science to find and develop novel and simpler medicines.
The corporate’s AI platform powers an in-house pipeline of over 20 drug programmes, spanning from goal discovery to medical research. This features a novel goal for treating ulcerative colitis and an atopic dermatitis programme within the clinic.
The corporate has helped establish Eli Lilly’s arthritis drug baricitinib, also called Olumiant, as a COVID-19 therapy. It has been authorised for emergency use by the FDA. BenevolentAI has a analysis facility in Cambridge (UK) and an workplace in New York.
Dr. François Nader, Chairman of BenevolentAI, says “BenevolentAI is strongly positioned to unlock a brand new stage of progress as a public firm and advance its bold plans to scale its progressive R&D platform. The subsequent chapter for BenevolentAI is a compelling one, as we glance to strengthen our place throughout the AI-driven drug discovery sector and advance our mission to ship life-changing medicines to sufferers. I additionally have the benefit of welcoming Olivier Brandicourt and Jean Raby to our Board – they bring about immense expertise and experience, which will probably be invaluable as we pursue our worth creation technique.”
Odyssey: What it is advisable know
Based by brothers Michael and Yoel Zaoui, Odyssey is a special-purpose acquisition firm (SPAC) included in Luxembourg to finish a merger, share alternate, asset acquisition, and share buy with a European enterprise with principal actions in healthcare or TMT.
Michael Zaoui, former Chairman of Odyssey, says, “The completion of the Enterprise Mixture and BenevolentAI’s itemizing on Euronext Amsterdam marks the ultimate step of Odyssey’s journey. Once more, we wish to thank our shareholders in addition to all those that contributed to this outcome. BenevolentAI now begins its life as a public firm, and we’ve got each confidence that it’ll thrive within the essential and thrilling house of AI-led drug discovery.”
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