Tevogen Bio soars on AI partnership with Microsoft

Tevogen

23/10/2024 18:26

** Shares of drug developer Tevogen Bio  TVGN.O  rise as
much as 84.5% to an over six-month high of $2.97 
    ** Co says its artificial intelligence effort, Tevogen AI,
has partnered with Microsoft  MSFT.O  under Microsoft for
Startups program  
    ** TVGN says the partnership will provide it with access to
MSFT's extensive ecosystem
    ** "The partnership is set to accelerate and streamline the
development of Tevogen’s proprietary algorithms, significantly
advancing our mission to lower the total cost of drug
development, expedite drug discovery" - co
    ** According to McKinsey Global Institute, generative AI
could generate $60 bln-$110 bln annually in economic value for
pharma and medtech companies, with $18-$30 billion of that value
attributed to commercial functions alone - TVGN
    ** Tevogen AI's chief information officer, Mittul Mehta,
used to work at MSFT 
    ** YTD, TVGN stock down 78%

 (Reporting by Puyaan Singh)
 ((Puyaan.Singh@thomsonreuters.com;))