The partnership includes a $30 million upfront payment from Bayer and potentially more than $100 million in milestones per program generated through the partnering of the German drugmaker's molecule library and Recursion's artificial intelligence-based drug discovery platform.
The Houston-based company is developing a cell therapy for viral infections in patients with compromised immune systems, which it plans to move into Phase III studies within the next 12 months. AlloVir also raised $120 million in a Series B funding round.
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The firm will follow a model similar to that of BridgeBio, partnering with scientific researchers and launching companies to develop and commercialize their products.
The company will focus on what it called a previously unexplored field in drug discovery, membrane-less cell organelles called biomolecular condensates
The California-based drugmaker plans to use the money to advance its investigational drugs with MOAs based on immune system responses.