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A view of the United Nations Climate Change Conference flags at the venue, in Bonn, Germany, June 6, 2023. "What we want to see, all of us, is a real sense of urgency about reducing CO2 emissions," Roche Vice-Chair Andre Hoffmann said. We need to show action, and I'm not sure that what I've read so far of the COP28 will be strong enough for that." Despite rapidly falling prices for renewable energy, Roche's (ROG.S) Hoffmann said much faster action was needed. "If the change is going to be that big then financial institutions, business people will reshape and they'll say my goodness there's going to be new technological institutions, there's going to be new factories, there's going to be a new economy.
Persons: Jana Rodenbusch, Hoffmann, November's, Roche, Andre Hoffmann, I'm, Eelco van der Enden, Elvis Presley, it's, Celine Herweijer, we've, Herweijer, It's, Andrew Steer, Steer, Richa Naidu, Gloria Dickie, Clara Denina, Iain Withers, Helen Reid, Alexander Smith Organizations: United Nations, REUTERS, Reuters IMPACT, Global, HSBC, Reuters, Fund, Thomson Locations: Bonn, Germany, Asia, Dubai, American, Paris
Boxes of Tecentriq from Genentech are seen at the Huntsman Cancer Institute at the University of Utah in Salt Lake City, Utah, U.S., July 22, 2022. REUTERS/George Frey/File Photo Acquire Licensing RightsAug 29 (Reuters) - Britain's state-run national health service will be the first in the world to offer an injection that treats cancer to hundreds of patients in England which could cut treatment times by up to three quarters. The treatment is currently offered by transfusion to NHS patients with a range of cancers, including lung, breast, liver and bladder. NHS England said it expected the majority of around 3,600 patients starting the treatment of atezolizumab every year in England to switch onto the time-saving injection. But added that patients receiving intravenous chemotherapy in combination with atezolizumab may remain on the transfusion.
Persons: George Frey, Dr Alexander Martin, atezolizumab, Marius Scholtz, Genentech, Roche, Farouq Suleiman, Sandra Maler Organizations: Huntsman Cancer Institute, University of Utah, REUTERS, Medicines, Healthcare, Agency, Foundation Trust, Roche Products, Thomson Locations: Genentech, Salt Lake City , Utah, U.S, England, West Suffolk
[1/2] U.S. Commerce Secretary Gina Raimondo delivers her speech at a reception with U.S. Industry and Chinese Government Officials hosted by U.S. Ambassador to China Nick Burns, in Beijing, China, August 28, 2023. Below are details on some of the bigger hurdles for doing business in China in recent years. Counterespionage law:Chinese lawmakers passed a wide-ranging update to Beijing's anti-espionage legislation in April, banning the transfer of any information related to national security and broadening the definition of spying. The law does not define what falls under China's national security or interests.
Persons: Gina Raimondo, China Nick Burns, Andy Wong, Mintz, Raimondo, Chris Sanders, Jonathan Oatis Organizations: . Commerce, . Industry, Government, U.S, REUTERS Acquire, Rights, Bain, Capvision Partners, Beijing Municipal Bureau, Statistics, China's, Intel Corp, chipmaker Semiconductor, DuPont De Nemours Inc, Rogers Corp, Xinhua, chipmaker Micron Technology, Beijing, Thomson Locations: China, Beijing, Shanghai, United States
But these days, the gap between the best gaming laptops and best gaming PC desktops is much closer. AdvertisementAdvertisementGaming laptop vs. desktop: PerformanceGaming laptops and gaming desktops both look and run differently. AdvertisementAdvertisementGaming laptop vs. desktop: Heat and required powerAnyone who's ever played on a gaming laptop (or even a regular laptop) is familiar with the burning sensation of a laptop chassis on their thighs. AdvertisementAdvertisementGaming laptop vs. desktop: PriceFor the same amount of performance, gaming desktops are cheaper than gaming laptops. Even if two machines have the same listed specs, desktop hardware is far more powerful than mobile laptop hardware.
Persons: you'll, William Antonelli, , they're, who's, they've, it'll, They're, I've Organizations: DC, Dell, Mobile, Asus, Gaming
Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., August 15, 2023. Traders in the U.S. equity options market are bracing for a larger-than-usual swing in Nvidia shares following the chipmaker's earnings, which are due after markets close on Wednesday. ET, Dow e-minis were up 34 points, or 0.1%, S&P 500 e-minis were up 4.25 points, or 0.1%, and Nasdaq 100 e-minis were up 4.75 points, or 0.03%. Peloton Interactive (PTON.O) shares plunged 27% after the fitness equipment maker forecast first-quarter revenue below estimates. Reporting by Amruta Khandekar and Shristi Achar A; Editing by Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.
Persons: Brendan McDermid, Foot, Susannah Streeter, Hargreaves Lansdown, Jerome Powell, Roche, Armour, Amruta Khandekar, Shinjini Organizations: New York Stock Exchange, REUTERS, Nvidia, Sports, Dow, Nasdaq, Wall, Hargreaves, Traders, Reuters, Federal Reserve, Treasury, Dow e, Biosciences, Merck & Co, Sport, Nike, Thomson Locations: New York City, U.S, Swiss
BERLIN, Aug 23 (Reuters) - Roche (ROG.S) inadvertently published positive lung cancer drug trial data from an interim analysis, boosting the Swiss drug maker's shares even though more data will be needed to confirm the treatment's efficacy. Roche said on Wednesday that market participants had made it aware of the inadvertent disclosure of an interim data analysis on new immunotherapy tiragolumab, part of an experimental class of drugs known as anti-TIGIT. The data lifted Roche shares by 5% and sent shares of other companies testing anti-TIGIT drugs higher. J.P. Morgan analysts said the interim data suggested a survival benefit was within reach in the final analysis, but the clinical relevance remained uncertain. The unintended disclosure regards the second interim analysis of a Phase III trial known as Skyscraper 1.
Persons: Roche, tiragolumab, Morgan, Roche's, TIGIT, Paul Arnold, Christy Santhosh, Jason Neely, Friederike Heine, Mark Potter Organizations: Merck & Co, Gilead Sciences, iTeos Therapeutics, Arcus Biosciences, Thomson Locations: U.S, Zurich, Bengaluru
REUTERS/Denis Balibouse/File Photo Acquire Licensing RightsAug 21(Reuters) - Industrial materials maker DuPont De Nemours (DD.N) said on Monday it has agreed to sell an 80.1% stake in its Delrin resins unit to private equity firm TJC, formerly known as The Jordan Company, in a deal that values the business at about $1.8 billion. It will also own a 19.9% non-controlling interest in the unit, which the company had been looking to divest since February last year. The company sold most of its mobility and materials business to Celanese (CE.N) for $11 billion last year. However, it also suffered a setback last year as Chinese regulatory hurdles forced it to scrap the $5.2 billion acquisition of engineering materials maker Rogers (ROG.N). Earlier this year, peers Univar Solutions(UNVR.MX) and Chase Corp(CCF.A) had been taken private by Apollo Global Management and KKR, respectively.
Persons: Denis Balibouse, DuPont De, Ed Breen, Rogers, Sourasis Bose, Pooja Desai Organizations: REUTERS, DuPont, DuPont De Nemours, Jordan Company, ED, Chase Corp, Apollo Global Management, KKR, Thomson Locations: Dupont, Geneva, Switzerland, Celanese, Bengaluru
A logo is pictured outside of Dupont offices in Geneva, Switzerland, April 15, 2021. REUTERS/Denis Balibouse/File Photo Acquire Licensing RightsAug 21(Reuters) - Chemical maker DuPont De Nemours (DD.N) said on Monday it has agreed to sell 80.1% of its Delrin resins unit to private equity firm TJC, formerly known as The Jordan Company, for about $1.6 billion. It will also own a 19.9% non-controlling interest in the unit, which the company had been looking to divest since February last year. It sold most of its mobility and materials business to Celanese (CE.N) for $11 billion last year. However, it also suffered a setback last year as Chinese regulatory hurdles forced it to scrap the $5.2 billion acquisition of engineering materials maker Rogers (ROG.N).
Persons: Denis Balibouse, DuPont De, Rogers, Sourasis Bose, Pooja Desai Organizations: REUTERS, DuPont, DuPont De Nemours, Jordan, ED, Thomson Locations: Dupont, Geneva, Switzerland, Celanese, Bengaluru
In an up-and-down market since our July Monthly Meeting, we added two stocks to our portfolio: an industrial name and an emerging cloud play. The business software giant is emerging as a cloud infrastructure name that has really come on as of late. For years, Oracle lagged behind the likes of Amazon Web Services, Azure, and Google Cloud, but the company hit a turning point when it launched its second-generation cloud infrastructure offering, called Oracle Cloud Infrastructure Generation 2, or OCI Gen 2, in the summer of 2020. Total cloud revenue growth surged to 54%, with 45% growth for Cloud Applications and 76% growth for Cloud Infrastructure. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.
Persons: Jim Cramer, I'm, Ed Breen, DuPont, Rogers, Dupont, Jim Cramer's, Jim, Spencer Platt Organizations: Oracle, DuPont, Amazon Web Services, Google, Oracle Cloud Infrastructure, Nvidia, Cloud Infrastructure, Management, Microsoft, Federal Reserve, Rogers Corporation, CNBC, Traders, New York Stock Exchange, Getty Locations: China, DowDuPont, New York City
Tower Semiconductor is seen on smartphone in front of displayed Intel logo in this illustration taken, February 15, 2022. Last year, DuPont De Nemours Inc (DD.N) scrapped its $5.2 billion deal to buy electronics materials maker Rogers Corp (ROG.N) after delays in securing approval from Chinese regulators. But Gelsinger also said Intel was investing in its foundry business, which makes chips for other companies, irrespective of the Tower deal. Investors had given up hope on the Tower deal as a result. It has committed to trimming $3 billion in costs this year, with an aim of saving between $8 billion and $10 billion by the end of 2025.
Persons: Dado Ruvic, Pat Gelsinger, Gelsinger, Benjamin Netanyahu, Anirban Sen, Max Cherney, Jamie Freed Organizations: Semiconductor, REUTERS, Intel Corp, chipmaker, Intel, State Administration, Market, DuPont De Nemours Inc, Rogers Corp, Investors, Nasdaq, Taiwan Semiconductor Manufacturing, Thomson Locations: China, United States, Taiwan, Israel, New York, San Francisco
US FDA approves Pfizer's blood cancer therapy
  + stars: | 2023-08-14 | by ( ) www.reuters.com   time to read: +2 min
REUTERS/Johanna Geron/File PhotoAug 14 (Reuters) - The U.S. Food and Drug Administration on Monday granted accelerated approval to Pfizer's (PFE.N) therapy for treating patients with a type of blood cancer that is difficult to treat, the company said. Multiple myeloma is a common type of blood cancer, which develops in the bone marrow and can spread throughout the body. The FDA approval is based on data from a mid-stage study that showed that 58% of patients treated with Pfizer's therapy had no signs of cancer or had seen a significant decrease in cancer cells in the body. Pfizer said it will continue testing the therapy in ongoing late-stage trials to expand its use in earlier lines of treatment for patients. The therapy's approval comes with a boxed warning for neurologic toxicity and cytokine release syndrome, a condition where the immune system reacts more aggressively.
Persons: Johanna Geron, Epkinly, Johnson, Pfizer's, Bhanvi Satija, Leroy Leo, Pratik, Shounak Dasgupta Organizations: Pfizer, REUTERS, U.S . Food, Drug Administration, FDA, Thomson Locations: Puurs, Belgium, U.S, Bengaluru
Following Monday's trade, Dupont will have a 1% weighting in Jim Cramer's Charitable Trust, the porfoltio we use for the Club. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. Traders work on the floor of the New York Stock Exchange (NYSE) on August 02, 2023 in New York City.
Persons: Dupont, Jim Cramer's, DuPont, it's, repurchased, There's, Ed Breen, Jim Cramer, Jim, Spencer Platt Organizations: DuPont, Jim Cramer's Charitable Trust, Club, DuPont Electronics &, Devices, Rogers Corporation, Rogers, JPMorgan, CNBC, Traders, New York Stock Exchange, Getty Locations: China, Celanese, New York City
And its flagship gaming brand, Republic of Gamers (ROG), offers a range of graphics cards, desktop towers, monitors, and more — including laptops, like the Asus ROG Zephyrus G14. The Asus ROG Zephyrus G14 is a gaming laptop that packs premium performance into a lightweight package. ASUS ROG Zephyrus G14 Gaming Laptop (GA402XY) The Asus ROG Zephyrus G14 (2023) is a slim gaming laptop equipped with top-tier hardware. Asus ROG Zephyrus G14: SpecsAsus produces a variety of different G14 models, each with different specifications. The Zephyrus G14's bright screen, great performance, and portability make it a perfect match for gamers or creative professionals on the go.
Persons: I've, William Antonelli, It's, Fortnite, Price, I'd Organizations: Asus, Republic of Gamers, Nvidia, ASUS, AMD, McAfee, Bluetooth
The Regeneron Pharmaceuticals company logo is seen on a building at the company's Westchester campus in Tarrytown, New York, U.S. September 17, 2020. REUTERS/Brendan McDermid/File PhotoAug 3 (Reuters) - Regeneron Pharmaceuticals (REGN.O) expects a U.S. decision on a higher-dose version of its blockbuster eye disease drug Eylea in the third quarter, much earlier than market expectations, sending its shares up 5% on Thursday. The U.S. Food and Drug Administration declined to approve the higher-dose version in June following an inspection at third-party manufacturer Catalent (CTLT.N). Regeneron said it has been submitting manufacturing data required by the FDA on a rolling basis, and expects to finish the submissions by mid-August. Regeneron said the higher-dose Eylea was manufactured on the same line as pozelimab, its experimental drug being reviewed to treat a rare blood disease.
Persons: Brendan McDermid, Regeneron, Wells, Mohit Bansal, Bayer, Sanofi, Khushi, Sriraj Organizations: Regeneron Pharmaceuticals, REUTERS, U.S . Food, Drug Administration, FDA, Thomson Locations: Westchester, Tarrytown , New York, U.S, Eylea, Bengaluru
Whatever your muse, you should not go a step further in your purchase journey without considering this rare gaming laptop deal on the ASUS ROG Flow X16. It came to market at around $2,000 and has hovered between $1,400 and $1,600 in recent months, but Best Buy has it down to $1,100 right now. A gaming laptop deal too good to pass upDeal icon An icon in the shape of a lightning bolt. Great Price ASUS ROG Flow X16 The ASUS ROG Flow X16 is a 2-in-1 gaming laptop that can double as a tablet. Grab yours at Best Buy with the link ahead.
Persons: It's Organizations: ASUS, NVIDIA
Each year, Medicare will add more drugs to the list, the names of which have not yet been disclosed. Faspro, launched in 2020, already accounts for more than 80% of Darzalex revenue, which is due to rise to $9.5 billion this year. Merck previously told Reuters it expects this version of Keytruda could replace the more time consuming infusion for most patients. Keytruda revenue is expected to top $24 billion this year and could exceed $30 billion as soon as 2026, according to analyst estimates. The company has said its expects revenue from subcutaneous drugs containing hyaluronidase to drive its growth going forward.
Persons: Srdjan, Johnson, drugmakers, Bristol Myers, Roche, Biden’s, Michael DiFiore, DiFiore, Joseph Wolk, Faspro, Halozyme, Helen Torley, hyaluronidase, Michael Erman, Patrick Wingrove, Caroline Humer, Bill Berkrot Organizations: U.S, REUTERS, Wall Street, Merck & Co, Halozyme Therapeutics, Reuters, Bristol, Bristol Myers Squibb, Medicare, U.S . Centers, Medicaid Services, J, Reuters Graphics Merck, Merck, Thomson Locations: Ljubljana, Darzalex, Diego
Investors have pinned their hopes on Leqembi as sales of multiple sclerosis drug Tecfidera take a hit from cheaper generic rivals while spinal muscular atrophy drug Spinraza faces rival treatments by Novartis (NOVN.S) and Roche (ROG.S). "Biogen's business is in transition," said CEO Christopher Viehbacher, who was hired in November to help power up growth and put behind a series of setbacks for older Alzheimer's drug Aduhelm. Multiple sclerosis treatments Avonex and Vumerity, as well as SMA therapy Spinraza, beat analyst estimates, while Tecfidera missed expectation as it faced generic rivals. "We see no unexpected surprises in Q2 results, allowing investors to focus on Alzheimer's," said Wells Fargo analyst Mohit Bansal. Reporting by Manas Mishra and Mariam Sunny in Bengaluru; Editing by Sriraj KalluvilaOur Standards: The Thomson Reuters Trust Principles.
Persons: Roche, Christopher Viehbacher, Tecfidera, Wells, Mohit Bansal, Manas Mishra, Mariam Sunny, Sriraj Organizations: Biogen, Novartis, Thomson Locations: Massachusetts, Bengaluru
July 25 (Reuters) - Further deterioration in demand for glyphosate-based weed killers led Bayer (BAYGn.DE) to cut its full-year earnings outlook and announce a 2.5 billion euro ($2.8 billion) write-down on glyphosate-related assets. That was lower than a previous 2023 outlook of 12.5 billion euros, or slightly higher. Free cash flow would come in at zero, down from a previous prediction of 3 billion euros, the company said. "Based on the anticipated market development, in particular with respect to the glyphosate business, Bayer also expects to record a goodwill impairment of approximately 2.5 billion euros," it said. That would result in a second-quarter net loss of 2 billion euros.
Persons: Bayer, Bill Anderson, Roche, Markus Manns, Anderson, Hurricane Ida, Werner Baumann, Thomas Escritt, Ludwig Burger, Jonathan Oatis, Susan Fenton, Kirsten Donovan Organizations: Union Investment, Barclays, FMC, BASF, Bayer, Thomson
BERLIN, July 24 (Reuters) - Weak demand for glyphosate-based weed killers led Bayer (BAYGn.DE) to cut its full-year earnings outlook for the second time and announce a 2.5 billion euro ($2.8 billion) write-down on glyphosate-related assets. That was lower than a previous 2023 outlook of 12.5 billion euros, or slightly higher. Free cash flow would come in at zero, down from a previous prediction of 3 billion euros, the company said. "Based on the anticipated market development, in particular with respect to the glyphosate business, Bayer also expects to record a goodwill impairment of approximately 2.5 billion euros," it said. That would result in a second-quarter net loss of 2 billion euros.
Persons: Bayer, Hurricane Ida, Bill Anderson, Roche, Werner Baumann, Thomas Escritt, Ludwig Burger, Jonathan Oatis, Susan Fenton Organizations: Bayer, FMC, BASF, Thomson Locations: BERLIN
Novartis buyback offers partial cure for M&A risk
  + stars: | 2023-07-18 | by ( ) www.reuters.com   time to read: +2 min
LONDON, July 18 (Reuters Breakingviews) - Novartis’s (NOVN.S) bumper buyback will offer a little relief to investors. Many had been waiting to see what the $225 billion Swiss pharma giant would do with an extra $20 billion burning a hole in its pocket after Roche(ROG.S) bought back its stake in 2021. It needs new drugs to replenish its pipeline and boost an ailing share price, which has still not recovered since the pandemic. But on Tuesday, CEO Vasant Narasimhan said he will launch a $15 billion buyback programme. The Swiss drugmaker’s $15.4 billion of net debt is less than 1 times its forecast 2023 EBITDA, according to Refinitiv.
Persons: Roche, Vasant Narasimhan, can’t, Aimee Donnellan, Xavier Niel’s, Neil Unmack, Streisand Neto Organizations: Reuters, Swiss pharma, Alcon, Madrigal Pharmaceuticals, Novartis, Twitter, Xavier Niel’s GAM, Commonwealth Games, Thomson Locations: Swiss
July 13 (Reuters) - Biotech company Roivant Sciences (ROIV.O) is nearing a deal to sell an experimental drug to treat inflammatory bowel diseases including ulcerative colitis and Crohn's disease to Roche (ROG.S) in a deal that could be valued at more than $7 billion, the Wall Street Journal reported on Thursday. The sale of the drug could be announced in the coming days, the report said, citing people familiar with the matter. Roivant's experimental drug, RVT-3101, is under clinical trials for the treatment of moderate-to-severe ulcerative colitis, a long-term condition where the colon and rectum become inflamed, as well as a type of inflammatory bowel disease known as Crohn's disease. Roivant declined to comment, whereas Roche did not immediately respond to a Reuters request for comment. Reporting by Shivani Tanna and Sriparna Roy in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.
Persons: Roche, Roivant, Shivani Tanna, Sriparna Roy, Shailesh Organizations: - Biotech, Roivant Sciences, Wall Street, Thomson Locations: Bengaluru
The 60+ best Prime Day deals that are still liveDeal icon An icon in the shape of a lightning bolt. While we've seen it for less in the past year, this is still a great deal on our top mattress. On July 11 of Prime Day 2023, this deal matches the lowest price Amazon offers on this kit. Great Price Apple MagSafe Charger This Prime Day sale is one of the best discounts we've seen on the official MagSafe charger. Lightning Deal Vitamix Explorian E310 Blender For Prime Day, the Vitamix Explorian Blender, Professional-Grade, 64 oz.
Persons: AirPods, Price, Price Roku, Max, it's, wicks, Price Apple, Fryer, fryer, Price Dyson, Dyson, Hoover, It's, Price Dell, Price LG, we've, You'll, Price Casper, Casper, Gray Organizations: Amazon Prime, Apple, Amazon, Price Apple, Walmart, OSHA, Prime, Steam, Fire, Price LG, LG, PlayStation, Google, HP, Price Samsung, Samsung, MacBook Air, Asus, Mobile, Fujifilm Locations: Birch, Sol, Cha Kyusu, Japan
The best Prime Day deals that are still liveDeal icon An icon in the shape of a lightning bolt. Great Price Casper Nova Hybrid Mattress (Queen) The Casper Nova Hybrid is the best soft mattress and the best mattress for side sleepers that we've tested. On July 11 of Prime Day 2023, this deal matches the lowest price Amazon offers on this kit. Great Price Apple MagSafe Charger This Prime Day sale is one of the best discounts we've seen on the official MagSafe charger. Lightning Deal Vitamix Explorian E310 Blender For Prime Day, the Vitamix Explorian Blender, Professional-Grade, 64 oz.
Persons: AirPods, Price, Price Roku, Max, Price Casper, Casper, it's, wicks, Price Apple, Fryer, fryer, Price Dyson, Dyson, Hoover, It's, Price Dell, Price LG, we've, You'll, Gray Organizations: Amazon Prime, Apple, Amazon, Price Apple, Walmart, OSHA, Prime, Steam, Fire, Price LG, LG, PlayStation, Google, HP, Price Samsung, Samsung, MacBook Air, Asus, Mobile, Lenovo, Gray, Super Nintendo Entertainment, Fujifilm Locations: Siena, Birch, Sol, Cha Kyusu, Japan
Below, you'll find our live coverage of all of the best Prime Day deals on sought-after gaming laptops, PCs, consoles, SSDs, headsets, and more. Amazon gaming deal quick links:Prime Day gaming laptop dealsDeal icon An icon in the shape of a lightning bolt. $999.00 from Walmart Originally $1,649.00 Save 39%Prime Day gaming PC dealsDeal icon An icon in the shape of a lightning bolt. $1,029.99 from Amazon Originally $1,079.99 Save 5%Prime Day SSD dealsDeal icon An icon in the shape of a lightning bolt. $469.99 from Amazon Originally $599.99 Save 22%Prime Day Nintendo Switch dealsDeal icon An icon in the shape of a lightning bolt.
Persons: That's, they're, Price, 4TB, it’s, it's, It's, we've, Price Razer, SteelSeries, Price Hori, Con, Ed, it'll, Price LG, Price Dell, You'll, Zelda Organizations: Amazon, ASUS, Intel, AMD, Razer, Walmart, Asus, Nvidia, Prime, SK, SK Hynix, Deal SK hynix, Samsung, PlayStation, Seagate, Toshiba, Price Samsung, Price Logitech, Logitech, Bluetooth, Wired, Meta, Amazon Deal, Gray, Super Nintendo Entertainment, Duo, Stratus, Nintendo, Lightspeed, Apex, Monitor Samsung, LG Locations: it's
July 12 (Reuters) - Chip designer Nvidia (NVDA.O) will invest $50 million to speed up training of Recursion's (RXRX.O) artificial intelligence models for drug discovery, the companies said on Wednesday, sending the biotech firm's shares surging about 62%. Recursion, whose advisers include AI pioneer Yoshua Bengio, will use its biological and chemical datasets exceeding 23,000 terabytes to train AI models on Nvidia's cloud platform. Nvidia, seen as a big winner of the boom in artificial intelligence, could then license those models to biotech firms through BioNeMo, a generative AI cloud service for drug discovery that it rolled out earlier this year. The investment comes as Recursion strengthened its AI focus in May by snapping up two companies in the AI-driven drug discovery space for $87.5 million. The Salt Lake City, Utah-based company's current partners include Bayer (BAYGn.DE) and Roche (ROG.S).
Persons: Nvidia, Roche, Mubadala, Baillie Gifford, Chavi Mehta, Stephen Nellis, Mariam Sunny, Shilpi Majumdar, Sriraj Organizations: Nvidia, Bayer, Baillie Gifford & Co, Thomson Locations: BioNeMo, Salt Lake City , Utah, Abu, Bengaluru, San Francisco
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