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Recursion Pharma (RXRX) shares jumped for the second straight session on Tuesday to double its value this month amid interest in AI led drug discovery. Read more here.
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5 Firms Lead Trio of Biotech IPOs Raising $721M Combined
Law360 (April 16, 2021, 6:02 PM EDT) Three biotechnology firms went public to receptive investors Friday after raising $721 million combined in initial public offerings guided by five law firms, led by an upsized offering by Recursion Pharmaceuticals Inc., which uses artificial intelligence to develop rare disease treatments.
Recursion, advised by Wilson Sonsini Goodrich & Rosati PC, raised $436.4 million after selling 24.2 million shares at $18 each, hitting the peak of its price range of $16 to $18 per share. The venture-backed company also beefed up its deal from original plans to sell 18 million shares.
Salt Lake City, Utah-based Recursion uses artificial intelligence, machine learning and.