AMD, a chip designer, announced on Wednesday that it will invest $20 million in Absci, a Vancouver-based business that seeks to create novel medicinal solutions through artificial intelligence.
Absci anticipates that artificial intelligence will speed up the development of protein-based medications known as biologics. It will use computers to assess the efficacy of these medications and quickly bring promising ones to market.
One of Intel’s main competitors, AMD, is hopeful that the pharmaceutical industry would quickly expand its market share for its AI CPUs.
In a written statement released on Wednesday, Absci CEO Sean McClain stated, “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.”
Despite the fact that the firms did not reveal the price AMD is paying for shares in the Vancouver company, the transaction caused Absci shares to rise by over 11% in early trade on Wednesday, to $3.41.
The pharmaceutical sector is still interested in Absci’s technology, and the Vancouver-based company has collaborations with several research institutes as well as pharmaceutical companies Merck and AstraZeneca. However, the process of developing new drugs is lengthy, and none of the possibilities under investigation have made it to market.
Since the company’s 2021 IPO, the stock price has dropped by about 80%.
–Mike Rogoway writes on the business and technology in Oregon. You can reach him at 503-294-7699 or [email protected].
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