Absci Partners with Merck for Drug Discovery
Absci Corp., a biologic medication and target discovery company based in Vancouver, announced a collaboration with drug giant Merck on Friday. Absci will leverage its extensive database of proteins and drug competitors, along with its AI-driven drug creation platform, to develop medications for three disease targets for Merck.
Accelerating Biologic Drug Development
Absci's technology reduces the time required for biologic drugs to reach clinical trials from the typical five years to just a few months. "Not only are we decreasing the time, but we're also able to create better medications for patients," stated the founder and CEO of Absci.
Investment and Expanded Collaboration
Merck had previously invested in Absci before the company went public this spring. The initial collaboration focused on a single program, which was successful. Following this achievement, Merck sought to expand the partnership to include drug discovery and bio-manufacturing, utilizing Absci's full capabilities.
Significant Financial Commitment
The collaboration involves a substantial investment from Merck, totaling $610 million in upfront fees and milestone payments for the disease targets, as well as funding for research and tiered royalties on the sold drugs. This investment reflects the value Absci can deliver to Merck, according to the Merck CEO.
Market Impact and Future Potential
The CEO emphasized that this partnership sends a strong message to the market regarding the innovative and valuable technology Absci is developing. He believes that this collaboration will lead to quicker acquisition of new partnerships.
"When you secure a major company like this with a well-respected pharmaceutical organization known for their research, it creates a market impression that what we are doing is highly exciting," the CEO added.
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