AstraZeneca, the Anglo-Swedish pharmaceutical giant, has entered into a substantial agreement valued at up to $247 million with Absci, a U.S.-based AI biologics company, to develop an antibody for combating cancer, as per Absci's recent statement.
According to the Financial Times, which first reported the deal, the agreement involves an upfront payment to Absci, substantial research and development funding, milestone-based payments, and royalties based on product sales.
The collaboration between Absci and AstraZeneca aims to harness a state-of-the-art generative AI model capable of producing innovative and enhanced antibody therapeutics. Although specifics on the targeted cancer type were not disclosed, Absci's focus lies in leveraging generative artificial intelligence to create optimized drug candidates, considering factors such as target affinity, safety, and manufacturability.
Sean McClain, CEO of Absci, expressed pride in partnering with AstraZeneca, highlighting their dedication to utilizing AI technology to introduce groundbreaking treatments to oncology patients.