Recursion Enters into Agreements to Acquire Cyclica and Valence to Bolster Chemistry and Generative AI Capabilities

SALT LAKE CITY and TORONTO and MONTRÉAL, May 08, 2023 (GLOBE NEWSWIRE) — Recursion (NASDAQ: RXRX), a leading clinical stage TechBio company decoding biology to industrialize drug discovery, today announced it has signed agreements to acquire two companies in the AI-enabled drug discovery space: Cyclica and Valence.

“Recursion has pioneered the massive, parallel generation of -omics data with machine learning in order to map and navigate biology to discover new medicines faster. The strategic acquisitions of Cyclica and Valence add industry-leading capabilities in digital chemistry, as well as machine-learning and artificial intelligence, which combined with our large-scale automated wet-laboratories and supercomputing capabilities, enables us to deploy what I believe is the most complete, technology-enabled drug discovery solution in the biopharma industry. We look forward to showing the world proof of the compounding benefit of this full-stack approach through the rapid acceleration of our pipeline and partnerships. Amidst a rapidly accelerating global race for technology talent, these acquisitions cement Recursion as the center of gravity for the best and brightest in ML and AI who want to reimagine how drugs are discovered,” said Chris Gibson, Ph.D., Co-Founder and CEO of Recursion. “I am so excited to welcome the Cyclica and Valence teams to Recursion, especially at such a dynamic moment in history when machine learning and artificial intelligence are creating so much rapid change across every industry.”

Cyclica, headquartered in Toronto, has built two highly differentiated products in the digital chemistry space which will be integrated into the RecursionOS. MatchMaker™ is an AI-enabled deep learning engine that predicts the polypharmacology of small molecules as the foundation for small molecule drug discovery. It is able to generalize across the proteome and uses both AlphaFold2 structures and homology models. POEM™ (Pareto Optimal Embedding Model) is a unique similarity-based property prediction model. In contrast to other AI prediction models, POEM uses multiple types of molecular fingerprints to describe molecules, providing a much richer measure of similarity that leads to greater accuracy.

“Cyclica and Recursion both believe in the value of industrializing drug discovery,” said Naheed Kurji, CEO and Co-Founder of Cyclica. “Combining our proteome-wide prediction of small molecule-target interactions into Recursion’s data universe will create one of the largest fit-for-purpose biological and chemical datasets in the drug discovery space. Together, I believe Recursion will have an immense impact on human health in the years to come.”

Valence, headquartered in Montréal at Mila, the world’s largest deep learning research institute, is committed to unlocking the full potential of deep learning in the drug discovery process. The company has pioneered the application of low-data learning in drug design, unlocking the ability to design differentiated small molecules with improved properties and function from datasets too small, sparse, or noisy for traditional deep learning methods. Valence has an unparalleled track record of innovation in molecular machine learning, including best-in-class methods for AI-enabled structural biology, generative chemistry, and multi-parametric optimization, ultimately enabling the design of best-in-class or first-in-class chemistry against challenging biology.

“The integration of Valence’s powerful AI-based chemistry engine into Recursion’s diverse and data-rich operating system will help unlock the true power of AI-first digital chemistry and drug discovery,” said Daniel Cohen, CEO and Co-founder at Valence Discovery. “Recursion is a leader in technology-enabled drug discovery with a proven track record of leveraging data to uncover novel biology, and I’m thrilled for our teams to join forces and combine our respective strengths to rapidly advance new medicines to patients who need them.”

Joining forces with Recursion’s Montréal deep learning research office, Valence will become an artificial intelligence and machine learning research center to be led by Daniel Cohen with continued advisory from Yoshua Bengio.

“The acquisition of Valence gives Recursion the opportunity to create a true center of excellence for some of the most compelling AI/ML research in the world,” said Yoshua Bengio, deep learning pioneer and scientific advisor to both Recursion and Valence. “With this newly integrated group housed in the Mila ecosystem, Recursion’s team of researchers in AI and ML for drug discovery reaches a critical mass at a crucial time in the development of new AI algorithms for scientific discovery.”

Terms of the Acquisitions

Recursion has entered into agreements to acquire Cyclica for a purchase price of $40 million and Valence for a purchase price of $47.5 million, in each case subject to customary closing and post-closing purchase price adjustments. The purchase price in the acquisitions will be payable in the form of shares of Recursion Class A common stock, shares of a subsidiary of Recursion exchangeable for shares of Recursion’s Class A common stock and the assumption of certain outstanding Valence and Cyclica options. In certain limited circumstances, Recursion may pay nominal cash consideration to Valence and Cyclica shareholders in lieu of such exchangeable shares or Recursion Class A common stock. Recursion expects no material change to its cash runway as a result of these acquisitions. Recursion expects both acquisitions to be completed in the second quarter of 2023, subject to applicable closing conditions.

About Recursion
Recursion is a clinical stage TechBio company leading the space by decoding biology to industrialize drug discovery. Enabling its mission is the Recursion OS, a platform built across diverse technologies that continuously expands one of the world’s largest proprietary biological and chemical datasets. Recursion leverages sophisticated machine-learning algorithms to distill from its dataset a collection of trillions of searchable relationships across biology and chemistry unconstrained by human bias. By commanding massive experimental scale — up to millions of wet lab experiments weekly — and massive computational scale — owning and operating one of the most powerful supercomputers in the world, Recursion is uniting technology, biology and chemistry to advance the future of medicine.

Recursion is headquartered in Salt Lake City, where it is a founding member of BioHive, the Utah life sciences industry collective. Recursion also has offices in Toronto, Montréal and the San Francisco Bay Area. Learn more at www.Recursion.com, or connect on Twitter and LinkedIn.

About Cyclica
As a neo-biotech, Cyclica is efficiently advancing an industry-leading, robust and sustainable drug discovery portfolio focused on CNS, oncology, and auto-immune diseases. Cyclica has built the only generalizable platform across the entire proteome, expanding the target space for low-data targets, including AlphaFold2 structures, PPIs, and mutant oncogenic targets. Cyclica has brought together a diverse and experienced team of biologists, chemists, computer scientists, and business professionals who are collectively passionate about changing the drug discovery paradigm. By exploring the unexplored, and drugging the undrugged, Cyclica strives to impact patient health like never before. For more information, please visit: www.cyclicarx.com.

About Valence Discovery
Valence is harnessing a revolution in computation to improve human health. The company is a leader in developing and deploying AI and physics-based technologies to enable the design of differentiated small molecules with improved properties and function. Following successful partnerships with leading biotech and pharmaceutical companies, and an unparalleled track record of innovation featured in top AI journals and conferences, Valence has built a team of interdisciplinary industry veterans and computational experts focused on rapidly advancing a portfolio of internal drug discovery programs. Valence launched publicly in 2021, is supported by leading biotech and deeptech investors, and is headquartered in Montréal. To learn more, please visit www.valencediscovery.com.

Media Contact

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Investor Contact
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Forward-Looking Statements
This document contains information that includes or is based upon “forward-looking statements” within the meaning of the Securities Litigation Reform Act of 1995, including, without limitation, those regarding the timing and completion of the Cyclica and Valence acquisitions and the outcomes and benefits expected from such acquisitions; Recursion OS and other technologies; business and financial plans and performance, including cash runway; and all other statements that are not historical facts. Forward-looking statements may or may not include identifying words such as “plan,” “will,” “expect,” “anticipate,” “intend,” “believe,” “potential,” “continue,” and similar terms. These statements are subject to known or unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such statements, including but not limited to: challenges inherent in pharmaceutical research and development, including the timing and results of preclinical and clinical programs, where the risk of failure is high and failure can occur at any stage prior to or after regulatory approval due to lack of sufficient efficacy, safety considerations, or other factors; our ability to leverage and enhance our drug discovery platform; our ability to obtain financing for development activities and other corporate purposes; the success of our collaboration activities; our ability to obtain regulatory approval of, and ultimately commercialize, drug candidates; our ability to obtain, maintain, and enforce intellectual property protections; cyberattacks or other disruptions to our technology systems; our ability to attract, motivate, and retain key employees and manage our growth; inflation and other macroeconomic issues; and other risks and uncertainties such as those described under the heading “Risk Factors” in our filings with the U.S. Securities and Exchange Commission, including our Annual Report on Form 10-K. All forward-looking statements are based on management’s current estimates, projections, and assumptions, and Recursion undertakes no obligation to correct or update any such statements, whether as a result of new information, future developments, or otherwise, except to the extent required by applicable law.

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Abide in Christ to bear good fruits-Rev. Afreh

Reverend Stephen Kwame Afreh, Lead Pastor of the Assemblies of God, Ghana, Holy Ghost Temple, Kadjebi, has urged Christians to abide in Christ to bear good fruits.

He said they could only achieve this if they allowed themselves to be pruned by God.

‘If you abide in Christ, you bear good fruit, but if not, you wither,’ Rev. Afreh said, and urged Christians to allow themselves to be corrected, rebuked and guided to bear good and abundant fruits.

Delivering a Sunday Sermon under the theme: ‘Formula for Fruit Bearing’ and reading from John 15:8, he said Rev Afreh said: ‘By this, my Father is glorified, that you bear much fruit and so prove to be my disciples.’

He asked the believers to examine their lifestyles and attitudes and if bad, they should reform to enable them to bear good fruit.

Reading from Matthew 3:10, Rev. Afreh said ‘even now the axe is laid to the root of the trees. Every tree therefore that does not bear good fruit is cut down and thrown into fire.’

He said the day of accountability nears, so those who produce good fruit would enjoy good food and noted that believers needed to repent and live good lives to bear good fruit; adding ‘none of us is above God, so let’s be allowed to be corrected.’

Rev. Afreh, who is the immediate past Volta North Regional Superintendent of Assemblies of God, Ghana, advised them to be guarded by what they do on earth and seek the Kingdom of God first and all other things would be added onto them.

Source: Ghana News Agency

Mineworkers Union to picket at Sunon Asogli Power Ghana

The National Executive Council of the Ghana Mineworkers’ Union of the Trades Union Congress (TUC), Ghana, will Tuesday, May 9, picket at the premises of Sunon Asogli Power Ghana, at Kpone in the Tema Industrial enclave of the Greater Accra region.

The exercise is to demand the reinstatement of the three dismissed local union leaders of Sunon Asogli Power Ghana for deciding to join a trade union and volunteering to lead fellow workers at the enterprise level.

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Mr ?Abdul-Moomin Gbana, the General Secretary of the Union, said at a resolution in Accra, that the Union would work with all Organized Labour Groups in Ghana and abroad to demand the reinstatement of the three dismissed local union leaders.

He said the Union had organized a press statement on March 3, 2023, and highlighted the blatant violations of the fundamental rights of workers, acts of interference, unfair labour practices, and disrespect for regulatory institutions by the management of Sunon Asogli Power Ghana Limited, leading to the unfair termination of three local union leaders, and demanded their reinstatement.

He stated that stakeholder meetings and interventions by state actors, including, the Ministries for Energy, Employment and Labour Relations, Foreign Affairs, the National Labour Commission, the Labour Department, and His Royal Majesty, Togbe Afede IV, on the issue could not yield any positive outcome.

He said the leadership of the TUC Ghana on March 27, 2023, in solidarity with unionized workers of Sunon Asogli Power Ghana Limited, whose rights were being abused by management of the company, demanded the reinstatement of the three dismissed local union leaders, but their demands were rejected.

Mr Gbana said several calls to the management of Sunon Asogli Power Ghana to refrain from any acts of intimidation, fear, and panic being unleashed on its members in the company had not yielded any fruitful response.

He stated that the Union was convinced that, the termination of the appointments of the three local union leaders, namely the Chairperson, Secretary and Assistant Secretary was unfair and an injustice.

It could be recalled that, over 68 workers of the company took the decision to join the Ghana Mineworkers’ Union in February 2021.

The Union and the workers went through the necessary legal processes to acquire a Collective Bargaining Certificate that empowered the Union to represent and negotiate with the company on behalf of the workers.

The situation led to misunderstanding and ended at the National Labour Commission, and the Commission on two occasions directed and ruled that the names of the workers did not arise at this stage and that the certificate was properly and legally acquired, so the company should comply and enter negotiations with the Union.

Source: Ghana News Agency

NGO solves water problem at Yidania

The Participatory Action for Rural Development Alternatives (PARDA), a Non-Governmental Organisation, has constructed a borehole for the Yidania Community in the Kassena-Nankana West District of the Upper East Region to provide potable water to households.

The borehole, with accessories and tools for maintenance, is valued at about GH?75,000.00, to help solve the water challenges in the community, where members had to walk long distances in search of water, especially during the dry season.

In an interview with the Ghana News Agency (GNA) after a brief durbar to handover the borehole, Dr Michael Wombeogo, the Executive Director of PARDA, said the gesture was in response to a request by community members to the organisation to assist them with the provision of potable water.

He said PARDA sought funding from Children Believe (CB), a child-focus NGO, to construct the borehole for the community, for the sake of the children.

PARDA and CB had, over the years, constructed early childhood development (ECD) centres, child welfare centres (CWC), boreholes in several communities, and presented dual desks to schools across the Kassena-Nankana West District and the Builsa North Municipality, Dr Wombeogo said.

‘The motivation is our mission, which is to make sure that every child between the ages of zero to five years can survive and grow into a responsible citizen,’ he said.

‘That is why we are very busy with water, sanitation, and early childhood education to give them strong foundation in education. We hope to get more funding to construct an ECD and CWC in this community to help the children grow to achieve their full potential.’

He appealed to organisations, philanthropists, and individuals to help the community with critical amenities, including schools and health facilities.

‘Yidania is a very beautiful community that needs help from the good people of this country and beyond. It is our prayer that organisations and individuals will support us to help the community.’

Mr Samuel Oppong Kwabiah, the Programmes Manager of Children Believe, said the borehole would reduce lateness to school by pupils and prevent waterborne diseases associated with unhygienic sources of water in the community.

‘We want members of the community, especially children to live healthy,’ he said, and called on opinion leaders and community members to ensure that the borehole was properly maintained.

Mr Kukwale Aburewe, a representative of the Chief of Yidania, commended the NGOs for the support and appealed for health facilities, schools and extension of electricity to the community.

Source: Ghana News Agency

Police arrest attacker of Dagbon FM Journalist

Hardi Pagazaa, the Tamale-based political commentator, who allegedly attacked a presenter of Dagbon FM in Tamale, has been arrested.

This was after he reported to the Police in Tamale on Monday.

On Wednesday, May 03, Hardi Pagazaa, in the company of another person, entered the studios of the radio station and allegedly attacked Mr Sadiq Abubakari Gariba while he was presenting his show at the studios of the radio station.

A video of the attack, which was sighted by the Ghana News Agency, showed the presenter, Mr Gariba being held by his shirt at the neck level while exchanging words with his two attackers.

With support from the Ghana Journalists Association, Mr Gariba reported the incident to the Police in Tamale, who invited Hardi Pagazaa.

Source: Ghana News Agency

Lawyers will not be required to write exams before renewal of license-GLC

The General Legal Council (GLC) says lawyers are not required to write examinations to renew their license.

A statement issued in Accra by the Council said its attention had been drawn to an ‘erroneous reportage’ of the Chief Justice’s speech at the enrolment ceremony of 196 lawyers called to the Bar on Friday, May 5, 2023, suggesting that lawyers would have to write examination to renew their license.

It said in his speech, the Chief Justice, on behalf of the General Legal Council, only informed the new lawyers of an initiative of the Council, which was pending.

The statement said the requirement for lawyers to complete Continuing Professional Development before the renewal of a practicing license, was a standard requirement in some jurisdictions around the world.

It said that practice was aimed at sharpening the skills of lawyers and keeping them abreast of recent developments in the law for the benefit of the clients they served.

The Council said in line with that, plans were far advanced to make the programme, which was enshrined in the Legal Profession (Professional Conduct and Etiquette) Rules, 2020 (Legislative Instrument 2423) a prerequisite for the issuance of a practicing license to all lawyers under the Legal Profession Bill, which would soon be made a law.

Source: Ghana News Agency

U17 AFCON: lions shamefully exit competition

The Under 17 Lions have lost their chance of advancing to the next stage of the 2023 African Cup of Nations currently taking place in Algeria.

They were beaten by Burkina Faso on May 7 by 2 goals to 1 in the day 2 fixture of the youth continental football championship.

With a draw the Lions still stood a chance of qualifying to the next round as one of the best thirds but ythis was unfortunately not the case.

The baby lions were leading at the 61 minute but their opponents over took them scoring 2 goals in 2 minutes thereby eliminating them from the competition.

In a group where they were considered as favorites following their smooth run during the preparatory matches they were unfortunately not able to live up to expectations.

It should be noted that the defending champions played 2 matches and lost all receiving 4 goals and scoring just 1.

Source: Cameroon News Agency

Bamenda: Prominent journalist killed with microphone in his hand

The North West bureau chief of The Advocate newspaper, reporter for Dream Fm radio and kick442.com has been killed in Bamenda by alleged separatist fighters.

Report says Anye Nde Nsoh was killed at about 9:00pm on Sunday May 7, 2023 while working in a drinking spot at Che Street during an attack.

Eyewitness report says he was shot with a microphone in his hand, as he was animating at the usual place where he works every weekend.

“He went out to buy batteries for the microphone and when coming in, a bullet caught him by the door. The shooting lasted for some seconds, but we thought that he was taking cover on the floor. It was only after we discovered and before taking him to the hospital he had died”

His remains have been deposited at the Bamenda regional hospital mortuary pending the burial program. Meanwhile, no group has claimed responsibility for the act. Government officials in the region are yet to comment.

Anye was lastly seen in public with his colleagues on Monday, May 1, 2023, during the International Labour Day in Bamenda. He later on left for Yaounde and returned on Friday to pick up a new job by Tuesday, May 9.

His colleagues in Bamenda have said they can not determine at the moment if Anye was targeted or was killed by a stray bullet. Though fingers are pointing at separatist fighters.

The Cameroon Journalists Trade Union, CJTU has condemned the act, calling for investigations and immediate sanctions on the perpetrators.

“The National Executive Bureau of the Cameroon Union of Journalists has learned with dismay of the tragic death of journalist Anye Nde Nsoh, a reporter for kick442.com, The Advocate newspaper, Dream Fm, and others who was shot dead on Sunday, May 7, 2023, At about 9 pm at a leisure spot on Che Street Ntarinkon Bamenda”

He leaves behind his family, friends to mourn him.

Source: Cameroon News Agency