Recursion Bags $239 Million

  • General
  • September 14, 2020
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  • 3 minutes read
Chris Gibson, Co-Founder & CEO, Recursion Pharmaceuticals.

Photo credit: Vaughn Ridley/Web Summit via Sportsfile, under Creative Commons license

Recursion, a Salt Lake City-based drug discovery upstart, has announced that it’s raised $239 million in Series D funding led by an investment subsidiary of German pharmaceutical giant Bayer AG, with participation from a group of new and existing investors including the likes of Lux Capital, Obvious Ventures, Two Sigma Ventures, Felicis Ventures, and Samsara BioCapital. Recursion says it’ll use the new funding to support the clinical development of its therapeutics drug pipeline. The company will also invest more in its proprietary technology to cater to improvements in digital drug discovery.
 

With the new funding, Recursion has now raised a total of $465 million in funding since its inception. The funding coincides with Recursion securing a partnership with Bayer AG, the lead investor in the new round, to perform joint work on drug discovery and development. Under the partnership, Recursion and Bayer will identify and develop treatments for fibrotic diseases of the lung, kidney, heart and more. Both companies plan to work on up to 10 of such treatment programs, with potential commercial milestone payments of more than $100 million for each program. Such types of partnerships represent a major revenue stream for Recursion, which says it intends to initiate similar ones in other medical fields such as oncology and aging and infectious disease. Recursion also runs its own internal programs that focus primarily on genetic diseases.

Recursion was founded in 2013. The company is based out of Salt Lake City in the U.S. state of Utah. 



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