BenevolentAI, a London-based clinical-stage AI-powered drug discovery company, announced on Monday that it has started trading on Euronext Amsterdam under the ticker symbol BAI.
The announcement comes after agreeing to go public through a merger with blank-check company Odyssey Acquisition at a valuation of €1.5B.
Through the business combination, BenevolentAI has received gross proceeds of €225M. The proceeds will enable BenevolentAI to accelerate the development of its clinical pipeline and continue investing in its technology platform.
As a part of the deal, Olivier Brandicourt, the former CEO of Sanofi, and Jean Raby, the former CEO of Natixis Investment Managers, have joined the board of BenevolentAI.
Joanna Shields, Chief Executive Officer of BenevolentAI, says, “Today, the Benevolent Platform is fully operational, scientifically validated, and producing results, demonstrated by our in-house pipeline of over 20 platform-generated drug candidates and successful collaborations. This listing underscores our commitment to becoming a key player in the global drug discovery sector.”
BenevolentAI: What you need to know
Founded by Ken Mulvany, BenevolentAI is a clinical-stage AI drug discovery company that combines advanced AI and machine learning with science to discover and develop novel and more effective medicines.
The company’s AI platform powers an in-house pipeline of over 20 drug programmes, spanning from target discovery to clinical studies. This includes a novel target for treating ulcerative colitis and an atopic dermatitis programme in the clinic.
The company has helped identify Eli Lilly’s arthritis drug baricitinib, also known as Olumiant, as a COVID-19 treatment. It has been authorised for emergency use by the FDA. BenevolentAI has a research facility in Cambridge (UK) and an office in New York.
Dr. François Nader, Chairman of BenevolentAI, says “BenevolentAI is strongly positioned to unlock a new level of growth as a public company and advance its ambitious plans to scale its innovative R&D platform. The next chapter for BenevolentAI is a compelling one, as we look to strengthen our position within the AI-driven drug discovery sector and advance our mission to deliver life-changing medicines to patients. I also take pleasure in welcoming Olivier Brandicourt and Jean Raby to our Board – they bring immense experience and expertise, which will be invaluable as we pursue our value creation strategy.”
Odyssey: What you need to know
Founded by brothers Michael and Yoel Zaoui, Odyssey is a special-purpose acquisition company (SPAC) incorporated in Luxembourg to complete a merger, share exchange, asset acquisition, and share purchase with a European business with principal activities in healthcare or TMT.
Michael Zaoui, former Chairman of Odyssey, says, “The completion of the Business Combination and BenevolentAI’s listing on Euronext Amsterdam marks the final step of Odyssey’s journey. Again, we would like to thank our shareholders as well as all those who contributed to this result. BenevolentAI now starts its life as a public company, and we have every confidence that it will thrive in the important and exciting space of AI-led drug discovery.”
