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New era begins at Merck as pandemic cuts Q1 sales, profit
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A machine learning start-up that is aiming to speed up drug discovery and shake up the pharmaceutical industry has raised US$400 milllion from investors including, the Canadian Plan Investment Board, SoftBank and Temasek.
Insitro, which is run by former Stanford artificial intelligence professor Daphne Koller, has partnerships with Gilead Sciences and Bristol-Myers Squibb to discover new biological targets for drug treatments, and the drugs themselves.
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The pandemic has given investors hope that the long and costly timelines for discovering drugs often as long as 10 years can be slashed using new technology. The funding round, which is led by the CPPIB, also includes further investment from existing investors such as Andreessen Horowitz, T Rowe Price and BlackRock
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insitro, an artificial intelligence drug discovery startup, has added a $400 million Series C round to its already impressive fundraising haul. The financing is set to close during the first full week of April, according to the company.
Canadian Pension Plan Investment Board led the raise, which also included a laundry list of participants. These names include: Andreessen Horowitz, funds and accounts advised by T. Rowe Price Associates, Casdin Capital and funds and accounts managed by BlackRock, ARCH Venture Partners, Foresite Capital, GV, Third Rock Ventures, Two Sigma Ventures, HOF Capital, Alexandria Venture Investments, Temasek, Softbank Investment Advisors, one undisclosed leading global investment group, and an undisclosed market-leading payer-provider health system based in the U.S.
Biotech s deal refusals led to pricey buyout by Merck
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