Recursion Pharmaceuticals Files for IPO; Backers Include Bayer, Lux Ventures
23 March 2021 - 11:01AM
Dow Jones News
By Josh Beckerman
Recursion Pharmaceutials Inc., which generates datasets of human
cellular biology at "massive scale" and uses machine learning "to
reveal novel biological relationships" filed for an initial public
offering.
Bayer AG's Leaps by Bayer investment arm was the largest
participant in the company's Series D financing, which totaled
about $245.9 million. Bayer AG and Recursion entered a
collaboration agreement in August, according to the filing.
Bayer owns a 5.8% stake. The largest stockholder is Lux
Ventures, with 13.4%.
Salt Lake City-based Recursion plans to seek a Nasdaq Global
Select Market listing under symbol RXRX.
In its filing, the company discusses features such as the
Recursion Map, which includes software, algorithms and machine
learning tools used to "explore foundational biology unconstrained
by human bias and navigate to new biological insights which may
accelerate our programs." It also describes its "underdog
mentality," noting that "we were first funded by cash advances on a
credit card, savings and friends and family that believed in
us."
Write to Josh Beckerman at josh.beckerman@wsj.com
(END) Dow Jones Newswires
March 22, 2021 19:46 ET (23:46 GMT)
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