London-headquartered clinical-stage AI-enabled drug discovery company, BenevolentAI has begun trading on Euronext Amsterdam. The listing follows the completion of its business combination with Amsterdam-listed Odyssey. Odyssey had bought BenevolentAI in a deal last year valuing the British-based medtech firm at up to €1.5 billion after the transaction. The merger represents the largest ever European SPAC merger and one of Amsterdam’s biggest biotech listings, according to a statement by the companies.
The completion of the business combination with Odyssey, and the proceeds from the transaction, will further enable BenevolentAI to accelerate the development of its clinical pipeline and continue investing in its technology platform.
Joanna Shields, CEO, BenevolentAI, said: “Our AI platform is fully operational, scientifically validated, and supports an in-house pipeline of over 20 platform-generated drug programmes and successful commercial collaborations. Through this listing, we are well-placed to strengthen our leadership position, ensuring we can continue to accelerate investment in the development of our pipeline and technology.”
Through the combined capabilities of its AI platform, scientific expertise and wet-lab facilities, the platform is well-positioned to deliver novel drug candidates with a higher probability of clinical success than those developed using traditional methods. The startup powers a growing in-house pipeline of over 20 drug programmes, spanning from target discovery to clinical studies.