Exscientia IPO: When can you buy AI pharmatech stock EXAI?

Highlights

  • Exscientia will offer 13,850,000 American Depositary Shares (ADSs) at an initial public offering price of US$ 22 per ADS.
  • The Exscientia IPO could gain investors' attention due to its unique drug development process.
  • The underwriting responsibility for Exscientia IPO would be taken by Goldman Sachs & Co. LLC, BofA Securities, Barclays Capital Inc., and Morgan Stanley & Co. LLC.

Exscientia, the United Kingdom-based pharmatech company is set to go public in the United States and has announced the pricing of its upsized IPO. Exscientia's drug development is based on artificial intelligence technology, and it aims to develop drugs through it efficiently and effectively.

Exscientia will offer 13,850,000 American Depositary Shares (ADSs) at a price of US$ 22 per ADS. The ADSs will represent 13,850,000 ordinary shares and the total gross proceeds are expected to be around US$ 304.7 million.

Apart from offering the 13.85 million ADSs, Exscientia has also granted a 30-day period to the underwriters to purchase up to 2,077,500 ADSs at the IPO price as an over-allotment option. The offering is expected to close October 5 and is subjected to customary conditions.

Significant details you must know about Exscientia IPO

All ADSs will be offered by the pharmatech company, and they are expected to be trading on the Nasdaq Global Select Market on Friday, October 1. Exscientia will trade under the stock symbol 'EXAI'.

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The company will also carry out a concurrent sale of an additional 7,272,727 ADSs for US$ 22 apiece for gross proceeds of US$ 160 million. The sale will be executed in private placements to the Bill & Melinda Gates Foundation and SVF II Excel (DE) LLC, or Softbank. Notably, the sale won't be registered under the Securities Act of 1933.

The underwriting responsibility for the IPO would be taken by Goldman Sachs & Co. LLC, BofA Securities, Barclays Capital Inc., and Morgan Stanley & Co. LLC.

For the six months ended June 30, Exscientia’s revenues were US$ 7.7 million, and the cash and cash equivalents amounted to US$ 339.1 million. 

Exscientia IPO at Nasdaq

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Bottom line

Exscientia claims to have developed the first-ever functional oncology platform to suggest treatment selection and improve patient outcomes. As artificial intelligence is an evolving technology, the company could develop innovative drugs for effective treatment processes.

According to a MarketsandMarkets report, the global AI drug discovery has huge potential as the AI market in pharmaceuticals could grow at a compound annual growth rate (CAGR) of 40.8 per cent between the forecast period of 2019 to 2024.

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