Recursion Pharmaceuticals Boosts AI Capabilities with Exscientia Acquisition

Published 11 hours agoRXRX

Recursion Pharmaceuticals Boosts AI Capabilities with Exscientia Acquisition

Recursion Pharmaceuticals has taken a significant step to enhance its AI-driven drug discovery capabilities by acquiring UK-based biotechnology company Exscientia for $688 million in August 2024. This acquisition is aimed at expanding Recursion's drug pipeline as the company positions itself for significant milestones in its research and development pipeline through 2026.

In addition to this acquisition, Recursion has solidified its R&D efforts by forming strategic partnerships with major pharmaceutical companies, including Roche and Bayer. These collaborations are focused on advancing therapies in neuroscience and oncology. Furthermore, Recursion received a $50 million investment from NVIDIA in July 2023, intended to accelerate the development of its AI foundation models for biology and chemistry.

Recursion is deeply engaged in clinical trials for treatments targeting rare diseases and cancers. The company is expected to release its quarterly earnings later this week, which will likely include updates on its R&D progress. Reuters has documented these recent strategic movements, highlighting Recursion's efforts to leverage partnerships and investments to drive forward its ambitious R&D agenda.

Share this article

Twitter Facebook LinkedIn

Recent Articles

Cardinal Health Increases Quarterly Dividend by 1%

Cardinal Health Increases Quarterly Dividend by 1%

15 minutes agoCAH

Cardinal Health's Board of Directors has approved a 1% increase in its quarterly dividend, boosting it to $0.5107 per share. This decision marks a small yet steady rise from the previous dividend of $0.5056, continuing the company's strategy to offer value to its shareholders. Shareholders can expect the new dividend to be disbursed on July 15, 2025, to those of record as of July 1, 2025. The dividend will be distributed from the company's capital surplus, indicating robust financial management and a focus on maintaining a steady return policy. Reuters highlighted Cardinal Health's ongoing commitment to its investors, as demonstrated by this dividend increase. The move underscores the company's effort to sustain shareholder trust and enhance value through consistent financial strategies.

Credit Suisse Settles U.S. Tax Evasion Case for Over $510 Million

Credit Suisse Settles U.S. Tax Evasion Case for Over $510 Million

30 minutes agoCS

Credit Suisse Services AG, a subsidiary of the banking giant Credit Suisse, has agreed to pay more than $510 million to the U.S. Department of Justice following a guilty plea for aiding wealthy Americans in tax evasion schemes. The hefty settlement resolves accusations that the bank helped conceal over $4 billion from the IRS through at least 475 offshore accounts, significantly including some based in Singapore. This arrangement involves a $372 million penalty for filing false tax returns and another $139 million linked to a non-prosecution agreement concerning legacy accounts. Reuters highlighted that the bank's latest legal troubles represent a violation of a prior 2014 agreement in which Credit Suisse had already paid a substantial $2.5 billion fine for similar offenses. A Senate Finance Committee report revealed the bank continued these illicit practices even after the initial settlement, hiding more than $700 million. These findings further solidify the extent and persistence of the violations that Credit Suisse engaged in over the years. Following the acquisition of Credit Suisse by UBS in 2023, UBS clarified that it was not implicated in the misconduct and had considered potential liabilities at the time of purchase. Under the settlement terms, Credit Suisse Services must adhere to a non-prosecution agreement mandating ongoing cooperation and transparency concerning any future matters involving U.S.-related accounts.

IBM Unveils Major AI and U.S. Investment Initiatives

IBM Unveils Major AI and U.S. Investment Initiatives

45 minutes agoIBM

IBM's CEO, Arvind Krishna, announced several strategic moves aimed at strengthening the company's role in the AI market while boosting U.S. investments. A core part of this strategy includes IBM's new tools that enable easy integration of AI agents from Salesforce, Workday, and Adobe, as well as the deployment of customized AI agents using its Granite AI models and those from Meta and Mistral. Reuters highlighted that these tools are designed to simplify AI model creation to under five minutes. In a move to bolster its foothold in the U.S., IBM plans to invest a significant $150 billion over the next five years. This investment is targeted towards enhancing manufacturing capabilities in mainframes, quantum computers, and AI technologies. Another key aspect of IBM's initiative, reported by The AI Insider, is its focus on smaller, specialized AI models geared towards specific business applications, offering more efficient and cost-effective solutions compared to larger models. Furthermore, IBM continues to stand out with its open-source approach to its “Granite” models, fostering broader AI adoption. The company also launched a $500 million Enterprise AI Venture Fund to support AI startups and businesses. In terms of financial performance, IBM's software unit experienced remarkable revenue growth, driven by increased demand for cloud infrastructure and AI technologies, as reported by Reuters. This resulted in a notable rise in share prices, underscoring the company's positive trajectory in the tech landscape.

Heidrick & Struggles Sets Sights on 2025 Growth with New Leadership and Strategic Restructuring

Heidrick & Struggles Sets Sights on 2025 Growth with New Leadership and Strategic Restructuring

1 hours agoHSII

Heidrick & Struggles International, Inc. has set ambitious revenue targets for 2025, projecting second-quarter revenues to range between $285 million and $305 million. Early 2024 marked a significant change in leadership with Tom Monahan taking over as CEO and Tom Murray as President. Nirupam Sinha is slated to step in as CFO in January 2025, indicating a strategic realignment at the top. According to MarketScreener, these leadership changes are part of a broader plan to enhance the company's growth trajectory. Supporting these leadership moves, Heidrick & Struggles has implemented a restructuring plan started in the second quarter of 2024, aimed at better aligning the firm with client needs. The effectiveness of these efforts is reflected in the company's financial performance. Nasdaq reported that in the fourth quarter of 2024, net revenue rose by 9.1% year-over-year, reaching $276.2 million. For the full year of 2024, net revenue climbed to $1,098.6 million, marking a 7% increase from 2023. Additionally, the company's Board has declared a cash dividend of $0.15 per share for the first quarter of 2025. Looking forward to 2025, Heidrick & Struggles expects its first-quarter consolidated net revenue to lie between $263 million and $273 million, as it navigates potential external challenges. These financial goals underscore the strategic initiatives put in place to drive shareholder value and company growth. The ongoing transformation, along with the newly appointed leadership, suggests a confident approach to strengthening their market position.