Recursion Pharma falls on stock offering plans

Recursion Pharmaceuticals

26/06/2024 21:38

** Recursion Pharmaceuticals'  RXRX.O  shares down 7.5% at
$8.10 post-market as co looks to raise equity
    ** RXRX, which uses AI to discover new drug candidates,
announces $200 mln stock offering
    ** Goldman Sachs and JP Morgan lead-bookrunners, joined by
Allen & Co
    ** RXRX to use net proceeds to fund advancement of
preclinical/clinical programs and platform technologies, and for
potential strategic investments and acquisitions and general
corp purposes, per SEC prospectus filing
    ** Co has ~237.7 mln shares outstanding for roughly $2.1 bln
market cap
    ** RXRX shares on Weds closed down 6.6% at $8.76, off 11%
YTD
    ** Last month, co announced completion of Nvidia-powered
 NVDA.O  supercomputer BioHive-2, which RXRX said is the largest
supercomputer in pharma industry
    ** NVDA owns ~7.7 mln RXRX shares, or about 3.4% stake, per
LSEG data

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))