<p><strong>Recursion Pharmaceuticals</strong>(RXRX 0.75%) 和 <strong>Exscientia</strong>(EXAI 0.38%) 在 8 月 8 日宣布计划合并成为一家企业后引起了轰动，形成了全球最大的生物技术公司，致力于通过人工智能（AI）推动药物开发。预计该交易将于 2025 年初完成。现在，Recursion 股票的牛市论点比以前更为强大。</p>
<p>以下是关于这次合并对股东将会产生什么影响以及为什么从长远来看这可能是一个净正面的事情。</p>
<h2>合并后的公司将拥有充足的资源和近期催化剂</h2>
<p>Recursion 与 Exscientia 合并有几个优势。</p>
<p>首先，Exscientia 的所有管线项目将成为 Recursion 的项目，这将为其提供更多商业化药物的机会，并开始为其首次产生收入。</p>
<p>由于两家公司目前都依赖合作伙伴支付里程碑费用来帮助研发成本，他们现在将受益于对方的资助者。这些包括 <strong>拜耳</strong>、<strong>罗氏</strong>、<strong>百时美施贵宝</strong> 和 <strong>赛诺菲</strong> 等强大的国际制药公司，以及卓越的人工智能硬件公司 <strong>英伟达</strong>。拥有如此深厚的盟友阵容跨越医学和信息技术多个领域的重要性难以言表。</p>
<p>新公司的管线将专注于罕见疾病疗法和精准肿瘤治疗，次要重点是传染病药物。两家公司的管线没有重叠，目前似乎没有计划在合并期间放弃任何项目。</p>
<p>合并两家生物技术公司的管线为每次有利的临床试验数据发布打开了提高股东价值的大门。据管理层估计，这对夫妇在未来 18 个月内有多达 10 个数据发布可以期待。四个项目目前处于 2 期临床试验阶段，因此可能只需再过几年，Recursion 就有机会商业化某些产品。</p>
<p>合并后的新实体将保留 Recursion 的名称，以及其首席执行官克里斯·吉布森，他接受过科学训练。Exscientia 的临时首席执行官大卫·哈莱特将成为首席科学官（CSO）。这种工作变动有点奇怪，但绝不是坏事，考虑到他也接受过科学训练。有了这两位经验丰富的领导者，Recursion 的智囊团很可能会发挥超乎寻常的作用。</p>
<p>关键是，合并还将导致一家资本充裕的企业，一段时间内不需要发行新股或负债。除了预计的约 1 亿美元的成本协同效应外，新公司将拥有约 8.5 亿美元的现金、等值物和短期投资。这意味着至少到 2027 年初，它将有足够的现金。</p>
<h2>仍有一些关键问题需要回答，这需要一段时间</h2>
<p>对于新的 Recursion 有很多乐观的理由，但现实情况是，这两家生物技术公司在多个方面都处于未知领域，新业务将会像旧业务一样充满风险。</p>
<p>这些风险的主要驱动因素是，目前还没有竞争对手证明使用人工智能和其他先进信息技术实际上可以使药物开发更便宜、更快速、更可靠。也没有证据表明用这些方法创建的药物会比传统来源的药物更安全或更有效。虽然许多强大的合作伙伴希望分一杯羹是一个积极的迹象，但目前还没有确凿证据表明他们实际上会通过与 Recursion 合作获得价值。如果临床试验中出现挫折，大鱼是否会继续留下来还是个问题。</p>
<p>尽管如此，考虑到 Recursion 明年将拥有的新增能力，目前成功的几率是有利的。有这么多机会、这么多合作伙伴、这么多现金，以及可能是世界上最大规模的基于人工智能的药物开发专家团队，牛市论点现在比以往任何时候都更加强大。</p>
<p>如果您能接受相对较高的风险，最好尽早购买一些股票。</p>

RXRX

<p>Recursion Pharmaceuticals 计划在 2025 年初与 Exscientia 合并，将形成一家领先的人工智能驱动生物技术公司。此次合并将增强 Recursion 的产品线，结合两家公司针对罕见疾病和精准肿瘤治疗的药物开发项目。合并后的实体将保留 Recursion 的名称和领导层，并预计将保持财务可持续性，拥有可观的现金储备。尽管与人工智能驱动的药物开发相关的潜在风险，但这次合并带来了许多机遇，使得对 Recursion 股票的看涨论点变得越来越有说服力</p>

<p><strong>Recursion Pharmaceuticals</strong>(RXRX 0.75%) and <strong>Exscientia</strong>(EXAI 0.38%) made waves on Aug. 8 when they announced plans to merge into one business, forming the world's largest biotech devoted to doing drug development empowered by artificial intelligence (AI). The deal is expected to close sometime in early 2025. And now the bull thesis for Recursion's stock is more formidable than it was before.</p>
<div class="lb-trans"><p><strong>Recursion Pharmaceuticals</strong>(RXRX 0.75%) 和 <strong>Exscientia</strong>(EXAI 0.38%) 在 8 月 8 日宣布计划合并成为一家企业后引起了轰动，形成了全球最大的生物技术公司，致力于通过人工智能（AI）推动药物开发。预计该交易将于 2025 年初完成。现在，Recursion 股票的牛市论点比以前更为强大。</p>
</div><p>Here's what you need to know about what this merger is going to accomplish for shareholders, and why it's probably going to be a net positive in the long run.</p>
<div class="lb-trans"><p>以下是关于这次合并对股东将会产生什么影响以及为什么从长远来看这可能是一个净正面的事情。</p>
</div><h2>The merged player will have plenty of resources and near-term catalysts</h2>
<div class="lb-trans"><h2>合并后的公司将拥有充足的资源和近期催化剂</h2>
</div><p>There are a handful of upsides to Recursion merging with Exscientia.</p>
<div class="lb-trans"><p>Recursion 与 Exscientia 合并有几个优势。</p>
</div><p>First, all of Exscientia's pipeline programs will become Recursion's, which gives it that many more opportunities to commercialize a medicine and start to generate revenue for the first time.</p>
<div class="lb-trans"><p>首先，Exscientia 的所有管线项目将成为 Recursion 的项目，这将为其提供更多商业化药物的机会，并开始为其首次产生收入。</p>
</div><p>As both are currently dependent on their collaborators to pay milestone fees to help with the costs of research and development (R&amp;D), they'll now both get the benefit of the other's benefactors. Those include powerful international pharma companies like <strong>Bayer</strong>, <strong>Roche</strong>, <strong>Bristol Myers Squibb</strong>, and <strong>Sanofi</strong>, as well as preeminent AI hardware company <strong>Nvidia</strong>. It's difficult to overstate the importance of having such a deep roster of allies across multiple domains of medicine and information technology.</p>
<div class="lb-trans"><p>由于两家公司目前都依赖合作伙伴支付里程碑费用来帮助研发成本，他们现在将受益于对方的资助者。这些包括 <strong>拜耳</strong>、<strong>罗氏</strong>、<strong>百时美施贵宝</strong> 和 <strong>赛诺菲</strong> 等强大的国际制药公司，以及卓越的人工智能硬件公司 <strong>英伟达</strong>。拥有如此深厚的盟友阵容跨越医学和信息技术多个领域的重要性难以言表。</p>
</div><p>In terms of the new company's pipeline, the focus will be on a combination of rare-disease therapies and precision oncology treatments, with a secondary emphasis on drugs for infectious diseases. There's no overlap between the pipelines of the two companies, and right now there don't appear to be any plans to jettison any programs during the merger.</p>
<div class="lb-trans"><p>新公司的管线将专注于罕见疾病疗法和精准肿瘤治疗，次要重点是传染病药物。两家公司的管线没有重叠，目前似乎没有计划在合并期间放弃任何项目。</p>
</div><p>Combining the two biotechs' pipelines opens the door to improvements in shareholder value each time favorable clinical trial data is published. Per management's estimate, the pair have as many as 10 readouts to look forward to within the next 18 months. Four programs are now in phase 2 clinical trials, so it might only be a couple more years until Recursion has a shot at commercializing something.</p>
<div class="lb-trans"><p>合并两家生物技术公司的管线为每次有利的临床试验数据发布打开了提高股东价值的大门。据管理层估计，这对夫妇在未来 18 个月内有多达 10 个数据发布可以期待。四个项目目前处于 2 期临床试验阶段，因此可能只需再过几年，Recursion 就有机会商业化某些产品。</p>
</div><p>The new entity combining Exscientia and Recursion will keep Recursion's name, as well as its CEO, Chris Gibson, who is trained as a scientist. Exscientia's interim CEO, David Hallett, will become chief scientific officer (CSO). That job shift is a bit of an oddity, but it isn't bad by any means, considering that he's also trained as a scientist. With these two experienced leaders at the helm, it's likely that the Recursion brain trust will punch far above its weight.</p>
<div class="lb-trans"><p>合并后的新实体将保留 Recursion 的名称，以及其首席执行官克里斯·吉布森，他接受过科学训练。Exscientia 的临时首席执行官大卫·哈莱特将成为首席科学官（CSO）。这种工作变动有点奇怪，但绝不是坏事，考虑到他也接受过科学训练。有了这两位经验丰富的领导者，Recursion 的智囊团很可能会发挥超乎寻常的作用。</p>
</div><p>Critically, the merger will also result in a well-capitalized business that won't need to issue new shares or take out fresh debt for a while. On top of the estimated $100 million in cost synergies that are anticipated, the new company will have around $850 million in cash, equivalents, and short-term investments. That means it's set for cash through at least the start of 2027.</p>
<div class="lb-trans"><p>关键是，合并还将导致一家资本充裕的企业，一段时间内不需要发行新股或负债。除了预计的约 1 亿美元的成本协同效应外，新公司将拥有约 8.5 亿美元的现金、等值物和短期投资。这意味着至少到 2027 年初，它将有足够的现金。</p>
</div><h2>Key questions still need answering, and that will take awhile</h2>
<div class="lb-trans"><h2>仍有一些关键问题需要回答，这需要一段时间</h2>
</div><p>There are a lot of reasons to be optimistic about the new Recursion, but the reality is that these two biotechs are in uncharted waters in more than one sense, and the new business will be quite risky, just like the old ones.</p>
<div class="lb-trans"><p>对于新的 Recursion 有很多乐观的理由，但现实情况是，这两家生物技术公司在多个方面都处于未知领域，新业务将会像旧业务一样充满风险。</p>
</div><p>The main driver of these risks is that no competitor has yet proven that using AI and other advanced information technologies can actually make developing drugs cheaper, faster, or more reliable. Nor is there evidence that medicines created with these methods will be safer or more effective than drugs with traditional origins. And while the presence of many powerful collaborators looking to get a slice of the action is a positive sign, there's no definitive proof yet that they'll actually gain value by partnering with Recursion. It's questionable whether the big fish will stick around if setbacks in clinical trials start to pile up.</p>
<div class="lb-trans"><p>这些风险的主要驱动因素是，目前还没有竞争对手证明使用人工智能和其他先进信息技术实际上可以使药物开发更便宜、更快速、更可靠。也没有证据表明用这些方法创建的药物会比传统来源的药物更安全或更有效。虽然许多强大的合作伙伴希望分一杯羹是一个积极的迹象，但目前还没有确凿证据表明他们实际上会通过与 Recursion 合作获得价值。如果临床试验中出现挫折，大鱼是否会继续留下来还是个问题。</p>
</div><p>Still, given the newly augmented capabilities that Recursion will have next year, the odds of success are in its favor for now. With so many shots on goal lined up, so many collaborators, so much cash, and probably the largest concentration of AI-based drug development experts in the world, the bull thesis is now stronger than ever.</p>
<div class="lb-trans"><p>尽管如此，考虑到 Recursion 明年将拥有的新增能力，目前成功的几率是有利的。有这么多机会、这么多合作伙伴、这么多现金，以及可能是世界上最大规模的基于人工智能的药物开发专家团队，牛市论点现在比以往任何时候都更加强大。</p>
</div><p>If you can accept the relatively high level of risk, it's worth picking up a few shares sooner rather than later.</p>
<div class="lb-trans"><p>如果您能接受相对较高的风险，最好尽早购买一些股票。</p>
</div>

The Bull Thesis for Recursion Pharmaceuticals Stock Just Got Stronger. Here's Why.

- Recursion Pharmaceuticals (RXRX 0.75%) 和 Exscientia (EXAI 0.38%) 计划合并成为全球最大的生物技术公司，专注于利用人工智能进行药物开发，预计交易将于 2025 年初完成。
- 合并后的公司将拥有丰富资源和近期催化剂，将专注于罕见疾病疗法和精准肿瘤治疗，以及传染病药物。
- 两家公司的合并将提高股东价值，未来 18 个月内有多达 10 个数据披露，且有望在未来几年内实现商业化。

Recursion Pharmaceuticals 股票的看涨论据变得更强了。以下是原因