What You Should Know:
– Absci Corporation (Nasdaq: ABSI), a company utilizing generative AI for drug discovery, announced today an initial public offering (IPO) of $75 million in common stock.
– This IPO aims to support the advancement of Absci’s internal drug development programs, further investment in their Integrated Drug Creation™ platform, and general corporate purposes.
Offering Details
Absci intends to offer $75M of common stock, with an option to sell an additional $11.25M upon underwriter discretion. The offering is subject to market conditions and other factors, with final terms to be disclosed in a subsequent prospectus supplement. Morgan Stanley and TD Cowen are acting as joint book-running managers for the offering.
Funding Growth and Innovation
Absci intends to utilize the net proceeds from the offering for several key purposes:
– Internal drug development programs: This will allow Absci to focus on bringing new therapeutic solutions to patients faster.
– Investment in the Integrated Drug Creation™ platform: This cutting-edge platform integrates AI with wet lab technology to streamline drug discovery and development.
– Support ongoing operations and future endeavors: The capital will support general corporate purposes and fuel Absci’s long-term growth strategy.
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