By Colin Kellaher
Shares of Exscientia PLC rose sharply in premarket trading Friday after the pharmatech company inked a research collaboration and license agreement potentially worth billions of dollars with France's Sanofi SA.
The companies said they plan to use Exscientia's AI-based capabilities and personalized medicine platform to develop up to 15 novel small molecule candidates across oncology and immunology.
Oxford, U.K.-based Exscientia will receive an upfront cash payment of $100 million and is eligible for up to $5.2 billion in milestones payments, along with royalties on sales of products resulting from the collaboration.
Exscientia shares, which closed Thursday at $18.19, were recently up 14.3% to $20.79 in premarket trading.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
01-07-22 0613ET