Recursion Pharmaceuticals, which uses machine learning to discover new therapies, rose 74% in its trading debut after exceeding goals for its initial public offering to raise $436 million, reported Bloomberg.
The company sold about 24 million shares on April 15 for $18 each, after earlier marketing them for $16 to $18 and twice expanding the size of the share sale.
Last September, Recursion reached a deal with Bayer to use AI to find new drugs for lung fibrosis and other fibrotic diseases. The tie-up included a $30-million upfront payment and $50 million in equity funding by Bayer's investment arm.
Recursion shares closed Friday at $31.30, giving Recursion a market value of more than $5 billion, the news source said.