sulky (NASDAQ:ABSI) The stock rises on Friday after announcing a cooperation agreement with merck (New York Stock Exchange:Mrk).
Let’s dive into all the details ABSI stock investors need to know about this deal below!
- The agreement will provide Merck with an integrated AI-powered drug creation platform.
- This will be used to advance research into the drugs of choice by Merck.
- This includes leveraging Absci’s amino acid technology to create enzymes designed for Merck biosynthesis applications.
- The company will receive upfront and specific payments for this work.
- In addition, Merch can choose “three targets and enter into a drug discovery cooperation agreement.”
- This will net Absci $610 million in upfront fees and outstanding payments for all three options.
- It also opens the door for the company to “research funding and progressive royalties on sales.”
Sean MacLean, founder and CEO of Absci, said the following about the deal that boosted ABSI stock higher today.
“We are very pleased to have this collaboration with Merck and to work with a world-class research organization to generate new enzymes. We look forward to applying our AI-based platform to create new biological candidates that have the potential to meaningfully improve patients’ lives.”
Heavy trading is affecting ABSI stock today along with news of the Merck deal. This has about 35 million shares floating around as of this writing. This is well above the company’s average daily 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 stay tuned!
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