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Recursion Pharmaceuticals | 8-K/A: Current report (Amendment)

SEC ·  Nov 27, 2024 21:13

Summary by Futu AI

Recursion Pharmaceuticals has completed its acquisition of Exscientia plc for approximately $635.9 million on November 20, 2024. Under the deal terms, Exscientia shareholders received 0.7729 Recursion shares for each Exscientia share, resulting in the issuance of approximately 102.1 million Recursion shares valued at $6.04 per share.The transaction combines two leading AI-driven drug discovery platforms, with Exscientia becoming a wholly-owned subsidiary of Recursion. The preliminary purchase price allocation includes $321 million for intangible assets, comprising $201 million for developed technology platform and $120 million for in-process R&D. The deal also includes the replacement of Exscientia's equity awards with Recursion equity awards worth approximately $19 million.The combined company will maintain Recursion's name and leadership structure, with two Exscientia board members joining Recursion's board. The transaction is expected to enhance Recursion's AI-driven drug discovery capabilities and expand its technological platform. Integration costs are estimated at $19 million, with retention bonuses and change-in-control payments totaling $2.5 million for key Exscientia personnel.
Recursion Pharmaceuticals has completed its acquisition of Exscientia plc for approximately $635.9 million on November 20, 2024. Under the deal terms, Exscientia shareholders received 0.7729 Recursion shares for each Exscientia share, resulting in the issuance of approximately 102.1 million Recursion shares valued at $6.04 per share.The transaction combines two leading AI-driven drug discovery platforms, with Exscientia becoming a wholly-owned subsidiary of Recursion. The preliminary purchase price allocation includes $321 million for intangible assets, comprising $201 million for developed technology platform and $120 million for in-process R&D. The deal also includes the replacement of Exscientia's equity awards with Recursion equity awards worth approximately $19 million.The combined company will maintain Recursion's name and leadership structure, with two Exscientia board members joining Recursion's board. The transaction is expected to enhance Recursion's AI-driven drug discovery capabilities and expand its technological platform. Integration costs are estimated at $19 million, with retention bonuses and change-in-control payments totaling $2.5 million for key Exscientia personnel.

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