Recursion Pharmaceuticals Inc (NASDAQ:RXRX) shares are trading more than 100% higher on Wednesday after the techbio company announced a $50 million investment by Nvidia (NASDAQ:NVDA).
The investment was made as a private investment in public equity (PIPE), according to PR.
“Our collaboration with NVIDIA represents two best-in-class companies coming together to help solve one of the world’s most difficult challenges, drug discovery,” said Chris Gibson, Ph.D., Co-founder and CEO of Recursion.
“With our powerful dataset and NVIDIA’s accelerated computing capabilities, we intend to create groundbreaking foundation models in biology and chemistry at a scale unlike anything that has ever been released in the biological space.”
The techbio company also said it plans to ramp up the development of its AI foundation models for biology and chemistry in partnership with the chip titan.
"Generative AI is a revolutionary tool to discover new medicines and treatments,” said Jensen Huang, founder and CEO of NVIDIA. “We are delighted to collaborate with Recursion’s world-class team, which is doing pioneering work in digital biology and chemistry with NVIDIA DGX and NVIDIA AI software to accelerate the development of the world’s largest biomolecular generative AI models and speed drug discovery for biotech and pharmaceutical companies.”
RXRX shares are now up 75% year-to-date.