AMD announced a $20 million investment in Absci, a Vancouver-based company that uses artificial intelligence to develop new drug therapies. Absci aims to speed up the development of protein-based medicines, known as biologics, by using computers to test their effectiveness and quickly move promising drugs towards the market. AMD, one of Intel’s biggest competitors, is betting on the pharmaceutical industry to become a fast-growing market for its AI chips.
“This partnership with AMD gives us the unique advantage of working closely with a partner that is deeply committed to supporting our needs while providing the most efficient, innovative AI solutions available,” said Absci CEO Sean McClain in a written statement. After the announcement, Absci shares went up nearly 5% on Wednesday, reaching $3.22.
Amd’s strategic stake in Absci
The details of AMD’s purchase price for the shares in Absci were not disclosed. Absci has about 160 employees, with 100 of them based in the Vancouver and Portland area. The Vancouver company’s technology has attracted interest within the pharmaceutical industry, leading to partnerships with major drugmakers such as AstraZeneca and Merck, as well as several research institutes.
However, drug development is a long process, and none of Absci’s candidates have reached the market yet. The company’s stock price is down almost 80% from its 2021 public offering.
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