Recursion IPO Generates over $500 Million
Back on March 30th I wrapped-up a Deseret Business Watch feature story this way:
Turns out I was right — it was a half-a-billion-dollar ride!
However, Recursion shares opened at $26.32 when actual trading began on April 16th, not at $18, a nearly 50% pop.
And as of market close today, Recursion stock was priced at $33.40/share, giving the company a current valuation of over $5.5 billion (based off of 153 million shares outstanding).
“Recursion has developed what it describes as the Recursion Operating System (Recursion OS) to allow it to achieve what it claims is a faster and faster flywheel effect for drug discovery and development.”
According to the company’s website, Recursion has
- Four compounds in Phase I Clinical Trials,
- Two compounds in Pre-Clinical Development, and
- An additional 29 diseases where it has identified (and is developing) targeted compounds to address these disease states, with said compounds in Early Discovery through Pre-Clinical Development.
By my calculations, Recursion has close to $750 million in the bank post-IPO, giving it a solid runway to get its most promising drug candidates close to market clearance by the U.S. Food & Drug Administration.
Congrats, Recursion. Congrats indeed.
NOTE: This article represents a portion of a Week-in-Review article that was originally published by Deseret Business Watch. A few minor editorial changes have been made with this version to better match the current Silicon Slopes writing style.