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A NVIDIA logo is shown at SIGGRAPH 2017 in Los Angeles, California, U.S. July 31, 2017. REUTERS/Mike Blake/File Photo
July 12 (Reuters) – Chip designer Nvidia (NVDA.O) will invest $50 million to speed up training of Recursion's (RXRX.O) artificial intelligence models for drug discovery, the companies said on Wednesday, sending the biotech firm's shares surging about 83%.
Recursion, whose advisers include AI pioneer Yoshua Bengio, will use its biological and chemical datasets exceeding 23,000 terabytes to train AI models on Nvidia's cloud platform.
Nvidia, seen as a big winner of the boom in artificial intelligence, could then license those models to biotech firms through BioNeMo, a generative AI cloud service for drug discovery that it rolled out earlier this year.
The company sold Nvidia over 7.7 million of its Class A common stock, which equates to an about 4% stake in the company.
The biopharma company runs the Recursion OS platform that gives drugmakers access to datasets required for designing and developing therapeutics.
The investment comes as Recursion strengthened its AI focus in May by snapping up two companies in the AI-driven drug discovery space for $87.5 million.
Recursion plans to use Nvidia's software to support its own pipeline, as well as its partners'. The Salt Lake City, Utah-based company's current partners include Bayer (BAYGn.DE) and Roche (ROG.S).
Recursion is conducting human trials for five of its drugs, including a candidate that is in mid-stage trials to treat a type of neurovascular disease caused by malformation of small blood vessels in the brain.
Other prominent backers of the biotech include Abu Dhabi's sovereign investor Mubadala and UK-based investment firm Baillie Gifford & Co.
Recursion's shares were up at $12.40 in heavy volumes. They were on track for their best day ever since listing in 2021, if current gains hold through the session.
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Shares in Japan's Sony fell 6% in Tokyo trade after first-quarter profit tumbled, with the entertainment conglomerate reporting lacklustre performances by its movie and financial divisions.
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