Absci Shares Rise 27% After Announcing Collaboration With AstraZeneca
By Chris Wack
Absci shares were up 27% at $2.21 after the company entered into a collaboration with AstraZeneca to deliver an AI-designed antibody against an oncology target.
The stock hit its 52-week low of $1.11 on Oct. 26, and is down 18% in the past 12 months.
Absci said this collaboration combines its Integrated Drug Creation platform with AstraZeneca's expertise in oncology with the goal of speeding up the discovery of a potential new cancer treatment candidate.
Absci will contribute its generative AI technology to deliver a therapeutic candidate antibody for a specified oncology target. The agreement includes an upfront commitment, R&D funding and milestone payments, in addition to royalties on product sales.
Write to Chris Wack at chris.wack@wsj.com
(END) Dow Jones Newswires
December 04, 2023 10:26 ET (15:26 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.-
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