By Chris Wack

 

Absci shares were up 27% at $2.21 after the company entered into a collaboration with AstraZeneca to deliver an AI-designed antibody against an oncology target.

The stock hit its 52-week low of $1.11 on Oct. 26, and is down 18% in the past 12 months.

Absci said this collaboration combines its Integrated Drug Creation platform with AstraZeneca's expertise in oncology with the goal of speeding up the discovery of a potential new cancer treatment candidate.

Absci will contribute its generative AI technology to deliver a therapeutic candidate antibody for a specified oncology target. The agreement includes an upfront commitment, R&D funding and milestone payments, in addition to royalties on product sales.

 

Write to Chris Wack at chris.wack@wsj.com

 

(END) Dow Jones Newswires

December 04, 2023 10:26 ET (15:26 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.
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