A Dundee University professor could be in for a £400m payday if one of Britain’s brightest biotech companies decides to pull the trigger on its market debut plans. The Daily Telegraph understands that Dundee University spin-off Exscientia, which uses AI to help find blockbuster pharma drugs, is considering an initial public offering, and will be ready to float by next May. The life sciences company, founded by academic and former Pfizer executive Andrew Hopkins in 2012, has developed technology capable of dramatically cutting down the time and money spent in the development of new drugs. It automatically analyses patients' genetic data and finds molecules that could be used in new medication. The company is thought to still be weighing up a number of strategic options, having recently batted off approaches from major drug companies over a takeover, and has also not yet nailed down which stock exchange it would list on. According to analyst Allenby Capital, which acts as a broker for Exscientia shareholder Frontier IP, the company’s valuation could be as much as £1bn in a float, taking into account the $2.1bn (£1.6bn) valuation of “direct competitor and similarly-sized BenevolentAI”. Exscientia’s latest filings at Companies House suggest it was previously valued at around £100m, but it has since raised additional funds and entered into a major £50m drug discovery collaboration with Roche.
Exscientia is considering an IPO, which could see the company valued at up to £1bn ($400), according to Allenby Capital. The flotation could earn the company's founder Andrew Hopkins £1.31bnm. The company, which was spun out of Dundee University, has used AI-based technology to significantly reduce the time and money needed to develop new drugs by analysing patients' genetic data to identify molecules for new medicine. Exscientia's partnerships with Roche, Sanofi, GlaxoSmithKline and Evotec could earn the company £320m in upfront and milestone payments, said analyst Ian Jermin.