Let’s dive into all the details investors in ABSI stock need to know about that deal below!
- The agreement will have it providing Merck with its AI-powered Integrated Drug Creation Platform.
- This will be used to propel forward research in drugs of Merck’s choosing.
- That includes making use of Absci’s amino acid technology to create enzymes built for Merck’s biomanufacturing applications.
- The company will receive both upfront and milestone payments for this work.
- In addition to that, Merch can choose “three targets and enter into a drug discovery collaboration agreement.”
- That would net Absci $610 million in upfront fees and milestone payments for all three choices.
- It also opens the company up to “research funding and tiered royalties on sales.”
Sean McClain, founder and CEO of Absci, said the following about the deal boosting ABSI stock higher today.
“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.”
Heavy trading is affecting ABSI stock today alongside news of the Merck deal. This has some 35 million shares on the move as of this writing. That’s well above the company’s daily average trading volume of 252,000 shares.
ABSI stock is up 31.1% as of Friday morning.
Investors looking for more stock news will want to stick around!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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