- Plant-based drugs developer iBio ( NYSE: IBIO ) on Wednesday said it had acquired all assets of its partner, AI-drug discovery company RubrYc Therapeutics, for an upfront payment of $1M in its common stock.
- IBIO stock jumped 8.9% to $0.37 in morning trading.
- The acquired assets include a patented system that uses AI to design 3D models of epitopes - which are the part of an antigen that is recognized by the immune system - to facilitate the creation of better antibody drug candidates.
- The others assets are two previously licensed candidates and three new therapeutic candidates.
- "We believe adding an AI-powered discovery capability to the front end of our process will enable us to bring better molecules into the clinic faster and more cost-effectively,” IBIO chief scientific officer Martin Brenner said in a statement .
- The deal purchase terms also include eligibility for RubrYc’s investors to receive up to $5M in development milestones over the next five years.
For further details see:
iBio acquires AI-drug discovery company RubrYc Therapeutics, shares rise ~9%