Recursion Pharmaceuticals Files for IPO; Backers Include Bayer, Lux Ventures

By Josh Beckerman

Recursion Pharmaceutials Inc., which generates datasets of human cellular biology at "massive scale" and uses machine learning "to reveal novel biological relationships" filed for an initial public offering.

Bayer AG's Leaps by Bayer investment arm was the largest participant in the company's Series D financing, which totaled about $245.9 million. Bayer AG and Recursion entered a collaboration agreement in August, according to the filing.

Bayer owns a 5.8% stake. The largest stockholder is Lux Ventures, with 13.4%.

Salt Lake City-based Recursion plans to seek a Nasdaq Global Select Market listing under symbol RXRX.

In its filing, the company discusses features such as the Recursion Map, which includes software, algorithms and machine learning tools used to "explore foundational biology unconstrained by human bias and navigate to new biological insights which may accelerate our programs." It also describes its "underdog mentality," noting that "we were first funded by cash advances on a credit card, savings and friends and family that believed in us."

Write to Josh Beckerman at [e-mail]

(END) Dow Jones Newswires

March 22, 2021 19:46 ET (23:46 GMT)

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