Verge Genomics, an AI-drug discovery biotech company, has entered into a $42 million deal with AstraZeneca to discover new treatments for rare neurodegenerative diseases. Over four years, Verge will collaborate with AstraZeneca’s rare disease division, Alexion, and is eligible for a further $840 million in milestones plus royalties. The deal also involves Alexion acquiring an equity position in Verge. The collaboration will leverage Verge’s Converge drug discovery engine, which uses AI and machine learning to analyze human tissue data sets and identify promising drug targets. Verge has already partnered with Eli Lilly and Merck & Co. in 2021, both of which also hold equity in the company. Verge has access to $67 million in non-dilutive capital, with the potential to gain up to $1.5 billion in milestones plus royalties as its programs develop.
To read more, click here.
[Source: Fierce Biotech, September 8th, 2023]