AstraZeneca Strikes Deal With Absci To Leverage AI In Cancer Drug Discovery: Report

AstraZeneca plc AZN has reportedly finalized a partnership deal valued at up to $247 million with Absci Corporation ABSI, a U.S.-based firm specializing in artificial intelligence (AI) applications, aiming to develop an antibody to combat cancer. 

This collaboration underscores the escalating trend of integrating AI technology into pharmaceutical research.

The partnership aims to utilize Absci's advanced AI technology for extensive protein analysis, primarily identifying a viable cancer treatment.

In the Financial Times report, Absci's CEO, Sean McClain, emphasized the significance of applying engineering principles to drug discovery, highlighting its potential to increase success rates and significantly reduce development timelines.

Under the terms of the agreement, Absci will receive an upfront fee, research and development funding, milestone payments, and royalties based on product sales. The company generates exclusive data by analyzing millions of protein interactions, utilizing this data to train its generative AI model.

The specific cancer type targeted by this collaboration remains undisclosed. However, this alliance aligns with AstraZeneca's ambitious agenda to revolutionize traditional chemotherapy with a new wave of precision-targeted drugs. 

Last month, Genentech, a member of Roche Holdings AG RHHBY, announced a multi-year strategic research collaboration with NVIDIA Corporation NVDA to enhance Genentech's advanced AI research programs.

Price Action: ABSI shares are up 8.62% at $1.89 during the premarket session on the last check Monday.

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