Recursion Enters into Agreements to Acquire Cyclica and Valence to Bolster Chemistry and Generative AI Capabilities

SALT LAKE CITY and TORONTO and MONTRÉAL, May 08, 2023 (GLOBE NEWSWIRE) — Recursion (NASDAQ: RXRX), a leading clinical stage TechBio company decoding biology to industrialize drug discovery, today announced it has signed agreements to acquire two companies in the AI-enabled drug discovery space: Cyclica and Valence.

“Recursion has pioneered the massive, parallel generation of -omics data with machine learning in order to map and navigate biology to discover new medicines faster. The strategic acquisitions of Cyclica and Valence add industry-leading capabilities in digital chemistry, as well as machine-learning and artificial intelligence, which combined with our large-scale automated wet-laboratories and supercomputing capabilities, enables us to deploy what I believe is the most complete, technology-enabled drug discovery solution in the biopharma industry. We look forward to showing the world proof of the compounding benefit of this full-stack approach through the rapid acceleration of our pipeline and partnerships. Amidst a rapidly accelerating global race for technology talent, these acquisitions cement Recursion as the center of gravity for the best and brightest in ML and AI who want to reimagine how drugs are discovered,” said Chris Gibson, Ph.D., Co-Founder and CEO of Recursion. “I am so excited to welcome the Cyclica and Valence teams to Recursion, especially at such a dynamic moment in history when machine learning and artificial intelligence are creating so much rapid change across every industry.”

Cyclica, headquartered in Toronto, has built two highly differentiated products in the digital chemistry space which will be integrated into the RecursionOS. MatchMaker™ is an AI-enabled deep learning engine that predicts the polypharmacology of small molecules as the foundation for small molecule drug discovery. It is able to generalize across the proteome and uses both AlphaFold2 structures and homology models. POEM™ (Pareto Optimal Embedding Model) is a unique similarity-based property prediction model. In contrast to other AI prediction models, POEM uses multiple types of molecular fingerprints to describe molecules, providing a much richer measure of similarity that leads to greater accuracy.

“Cyclica and Recursion both believe in the value of industrializing drug discovery,” said Naheed Kurji, CEO and Co-Founder of Cyclica. “Combining our proteome-wide prediction of small molecule-target interactions into Recursion’s data universe will create one of the largest fit-for-purpose biological and chemical datasets in the drug discovery space. Together, I believe Recursion will have an immense impact on human health in the years to come.”

Valence, headquartered in Montréal at Mila, the world’s largest deep learning research institute, is committed to unlocking the full potential of deep learning in the drug discovery process. The company has pioneered the application of low-data learning in drug design, unlocking the ability to design differentiated small molecules with improved properties and function from datasets too small, sparse, or noisy for traditional deep learning methods. Valence has an unparalleled track record of innovation in molecular machine learning, including best-in-class methods for AI-enabled structural biology, generative chemistry, and multi-parametric optimization, ultimately enabling the design of best-in-class or first-in-class chemistry against challenging biology.

“The integration of Valence’s powerful AI-based chemistry engine into Recursion’s diverse and data-rich operating system will help unlock the true power of AI-first digital chemistry and drug discovery,” said Daniel Cohen, CEO and Co-founder at Valence Discovery. “Recursion is a leader in technology-enabled drug discovery with a proven track record of leveraging data to uncover novel biology, and I’m thrilled for our teams to join forces and combine our respective strengths to rapidly advance new medicines to patients who need them.”

Joining forces with Recursion’s Montréal deep learning research office, Valence will become an artificial intelligence and machine learning research center to be led by Daniel Cohen with continued advisory from Yoshua Bengio.

“The acquisition of Valence gives Recursion the opportunity to create a true center of excellence for some of the most compelling AI/ML research in the world,” said Yoshua Bengio, deep learning pioneer and scientific advisor to both Recursion and Valence. “With this newly integrated group housed in the Mila ecosystem, Recursion’s team of researchers in AI and ML for drug discovery reaches a critical mass at a crucial time in the development of new AI algorithms for scientific discovery.”

Terms of the Acquisitions

Recursion has entered into agreements to acquire Cyclica for a purchase price of $40 million and Valence for a purchase price of $47.5 million, in each case subject to customary closing and post-closing purchase price adjustments. The purchase price in the acquisitions will be payable in the form of shares of Recursion Class A common stock, shares of a subsidiary of Recursion exchangeable for shares of Recursion’s Class A common stock and the assumption of certain outstanding Valence and Cyclica options. In certain limited circumstances, Recursion may pay nominal cash consideration to Valence and Cyclica shareholders in lieu of such exchangeable shares or Recursion Class A common stock. Recursion expects no material change to its cash runway as a result of these acquisitions. Recursion expects both acquisitions to be completed in the second quarter of 2023, subject to applicable closing conditions.

About Recursion
Recursion is a clinical stage TechBio company leading the space by decoding biology to industrialize drug discovery. Enabling its mission is the Recursion OS, a platform built across diverse technologies that continuously expands one of the world’s largest proprietary biological and chemical datasets. Recursion leverages sophisticated machine-learning algorithms to distill from its dataset a collection of trillions of searchable relationships across biology and chemistry unconstrained by human bias. By commanding massive experimental scale — up to millions of wet lab experiments weekly — and massive computational scale — owning and operating one of the most powerful supercomputers in the world, Recursion is uniting technology, biology and chemistry to advance the future of medicine.

Recursion is headquartered in Salt Lake City, where it is a founding member of BioHive, the Utah life sciences industry collective. Recursion also has offices in Toronto, Montréal and the San Francisco Bay Area. Learn more at, or connect on Twitter and LinkedIn.

About Cyclica
As a neo-biotech, Cyclica is efficiently advancing an industry-leading, robust and sustainable drug discovery portfolio focused on CNS, oncology, and auto-immune diseases. Cyclica has built the only generalizable platform across the entire proteome, expanding the target space for low-data targets, including AlphaFold2 structures, PPIs, and mutant oncogenic targets. Cyclica has brought together a diverse and experienced team of biologists, chemists, computer scientists, and business professionals who are collectively passionate about changing the drug discovery paradigm. By exploring the unexplored, and drugging the undrugged, Cyclica strives to impact patient health like never before. For more information, please visit:

About Valence Discovery
Valence is harnessing a revolution in computation to improve human health. The company is a leader in developing and deploying AI and physics-based technologies to enable the design of differentiated small molecules with improved properties and function. Following successful partnerships with leading biotech and pharmaceutical companies, and an unparalleled track record of innovation featured in top AI journals and conferences, Valence has built a team of interdisciplinary industry veterans and computational experts focused on rapidly advancing a portfolio of internal drug discovery programs. Valence launched publicly in 2021, is supported by leading biotech and deeptech investors, and is headquartered in Montréal. To learn more, please visit

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Forward-Looking Statements
This document contains information that includes or is based upon “forward-looking statements” within the meaning of the Securities Litigation Reform Act of 1995, including, without limitation, those regarding the timing and completion of the Cyclica and Valence acquisitions and the outcomes and benefits expected from such acquisitions; Recursion OS and other technologies; business and financial plans and performance, including cash runway; and all other statements that are not historical facts. Forward-looking statements may or may not include identifying words such as “plan,” “will,” “expect,” “anticipate,” “intend,” “believe,” “potential,” “continue,” and similar terms. These statements are subject to known or unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such statements, including but not limited to: challenges inherent in pharmaceutical research and development, including the timing and results of preclinical and clinical programs, where the risk of failure is high and failure can occur at any stage prior to or after regulatory approval due to lack of sufficient efficacy, safety considerations, or other factors; our ability to leverage and enhance our drug discovery platform; our ability to obtain financing for development activities and other corporate purposes; the success of our collaboration activities; our ability to obtain regulatory approval of, and ultimately commercialize, drug candidates; our ability to obtain, maintain, and enforce intellectual property protections; cyberattacks or other disruptions to our technology systems; our ability to attract, motivate, and retain key employees and manage our growth; inflation and other macroeconomic issues; and other risks and uncertainties such as those described under the heading “Risk Factors” in our filings with the U.S. Securities and Exchange Commission, including our Annual Report on Form 10-K. All forward-looking statements are based on management’s current estimates, projections, and assumptions, and Recursion undertakes no obligation to correct or update any such statements, whether as a result of new information, future developments, or otherwise, except to the extent required by applicable law.

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Pakistan Possesses World’s Best Fast Bowling Attack: Babar Azam

Pakistan’s all-format captain, Babar Azam has praised his team’s impressive pace bowling attack, describing it as the best in white-ball cricket. With five fast bowlers capable of delivering balls at 145 km/h, Babar Azam is confident that his team has the firepower to take on any opposition.

The current white-ball pace battery of Pakistan comprises Shaheen Shah Afridi, Haris Rauf, Naseem Shah, Mohammad Wasim Jr, as well as Ihsanullah, who impressed in the recent edition of the Pakistan Super League (PSL).

Babar Azam highlighted the impressive performances of Shaheen Shah Afridi, Naseem Shah, and Haris Rauf, who have delivered crucial wickets at important moments, helping Pakistan win matches. He commended their attitude and hunger, stating that their youthful energy and dedication were crucial to the team’s success.

This lot is very good and the main thing is that they all are young. They have the hunger and whenever I’ve asked every single one of them, that guy has stepped up. That is a very proud moment for me as a captain because I have five bowlers who can bowl at 145 clicks.

With the likes of Shahnawaz Dahani, Zaman Khan, Mohammad Hasnain, Hasan Ali, and Aamer Jamal waiting in the wings, Pakistan has a host of talented pacers in their pool of players.

The Pakistan captain also revealed his targets for the upcoming months, stating that he hopes to lead his team to a World Cup win this year and dominate the Australia Test series later in the year.

Despite the challenges, Babar Azam believes that his team can achieve success by giving their all and leaving the rest to Allah. With his team’s impressive bowling attack and his own leadership, Babar Azam is determined to make his country proud on the international stage.

Source: Pro Pakistani

Babar Azam Responds to Imam-ul-Haq’s Controversial Tweet

The Pakistan cricket team captain, Babar Azam, has responded to a controversial tweet posted by the opening batter, Imam-ul-Haq, before the fifth ODI match against New Zealand.

Speaking at the presser after the fifth ODI, Babar said that he had not seen what Imam had posted, as he had not checked any social media handles since the tweet.

The all-format captain assured that there was no grouping in the national setup, and everyone was satisfied with the unity of the team, which they would try to maintain.

“If something happens in the family, we try to keep it to ourselves and not let it get out. The boys don’t even act like that. There is trust in the team like a family,” the skipper said.

It is pertinent to mention that just hours before the last encounter of the series, the 27-year-old cricketer posted a tweet that created controversy in the cricket fraternity.

“Life is an unexpected journey, so never expect anything from anyone. Be patient, Allah is watching!” Imam-ul-Haq wrote.

It was believed that the opener had posted the tweet in protest after he was dropped from the playing XI in the fourth and fifth ODI despite scoring a half-century in the third game.

The left-handed batter scored a fighting innings of 90 runs off 107 balls in the third clash, helping the side to post a total of 288 runs at the National Bank Cricket Arena.

Source: Pro Pakistani

Fiscal Deficit Widens by 20% to Over Rs. 3 Trillion in 9 Months of FY23

Pakistan’s fiscal balance in the first nine months of the financial year 2022-23 (9MFY23) posted a deficit of Rs. 3,079 billion, 20 percent YoY higher than the prior year’s deficit, according to Arif Habib Limited (AHL).

In terms of percent GDP, the deficit arrived at 3.7 percent in 9MFY23 compared to 3.8 percent recorded last year’s corresponding period. However, the primary balance during 9MFY23 posted a surplus of Rs. 504 billion (0.6 percent of GDP) compared to a deficit balance in the primary account of Rs. 447 billion witnessed in the same period last year (-0.7 percent of GDP).

Primarily, total revenue growth of 18 percent in 9MFY23 to Rs. 6.9 trillion (9MFY22: Rs. 5.9 trillion) aided the fiscal balance, translating to 8.2 percent of GDP vs. 8.8 percent in the same period last year. The total tax revenue collection was up by 17 percent YoY to Rs. 5.6 trillion. FBR taxes clocked in at Rs. 5.16 trillion during the period, 18 percent YoY higher than 9MFY22’s collection of Rs. 4.38 trillion.

Growth in indirect taxes posted a meager growth of 1 percent YoY during 9MFY23 from last year’s Rs. 2.8 trillion. This was mainly on the back of a 2 percent YoY growth in sales tax, clocking in at Rs. 1.9 trillion, and a 3 percent YoY decline in Customs Duty to Rs. 701 billion.

On the other hand, direct taxes jumped +46 percent YoY to Rs. 2.3 trillion mainly contributes to the overall revenue collection. Albeit, the government collected Rs. 1.3 trillion in non-tax revenues, displaying a jump of 25 percent YoY. This was particularly owed to the higher collection of Petroleum Levy of Rs. 362 billion, marking an increase of 189 percent YoY. Moreover, dividend collection also improved by 43 percent YoY to Rs. 52 billion.

In addition, total expenditure went up by 19 percent YoY to Rs. 10 trillion (11.9 percent of GDP vs. 12.6 percent of GDP in 9MFY22). Further breakup revealed that current expenditure underwent an uptick of 25 percent YoY of which defense rose by 13 percent YoY. However, markup payments marked a growth of 69 percent YoY to Rs. 3.6 trillion. Moreover, development expenditure and net lending undertaken by the government decreased by 36 percent YoY to Rs. 1,060 billion.

Total PSDP expenditure in 9MFY23 arrived at Rs. 1,014 billion (-2 percent YoY) with provincial expenditure at Rs. 721 billion (-0.4 percent YoY), outdoing federal disbursement of Rs. 293 billion (-5 percent YoY).

Source: Pro Pakistani

Peshawar Zalmi Awards Rs. 1 Million to Arshad Nadeem

The Peshawar Zalmi Foundation has awarded a cash prize of Rs. 1 million to the renowned athlete, Arshad Nadeem, for his spectacular performance for Pakistan.

Muhammad Akram, the Director of Cricketing Affairs of Peshawar Zalmi, presented the cash prize to the athlete on behalf of the foundation owner, Javed Afridi, in a ceremony.

In an official statement, the foundation said, “Today, we were pleased to welcome Arshad Nadeem to the Zalmi Headquarters to present him with the well-deserved cheque.”

“The Zalmi takes pride in recognizing the achievements of our national heroes and encourages the youth to strive for excellence and make our country proud,” the statement added.

It is pertinent to mention here that the 26-year-old athlete made the country proud by winning a gold medal in the Commonwealth Games in Birmingham in August last year.

Arshad was the first Pakistani to win a gold medal in the Commonwealth Games since Ghulam Raziq, who had won gold in the 120-yard hurdles in 1962 in Perth, Australia.

Arshad Nadeem won the first gold medal in the Islamic Solidarity Games 2022 by topping the charts with a throw of 88.55 meters in the Men’s Javelin Throw event.

In an interview, Nadeem said, “I have now started throwing javelin, but I am doing both training and rehab and cannot say anything about what the exact situation will be.”

Source: Pro Pakistani

The Future of Clean and Kind Beauty in Pakistan

The Pakistani beauty industry has significantly transformed in recent years, shifting from fairness-focused products to clean and inclusive beauty standards.

This change is due to the growing demand for safe, sustainable, and inclusive beauty products that cater to diverse consumer needs.

The rise of local clean beauty brands results from this shift, providing products free from harmful ingredients that promote healthy, radiant skin.

In this article, we will discuss the evolving landscape of Pakistan’s beauty industry, the importance of active ingredients and natural extracts in beauty products, and the growing demand for clean and inclusive beauty in the country.

In the past, fairness creams dominated the Pakistani skincare market. However, there has been a shift towards clean beauty, with consumers increasingly opting for brands that align with their values of transparency, sustainability, and inclusivity, especially in the high-end segment.

Local clean beauty brands have gained popularity and offer an alternative to imported brands, which is particularly appealing given the depreciating PKR.

Active ingredients like vitamin C, Niacinamide, and Hyaluronic acid, along with their concentration percentages, are critical for the efficacy of beauty products.

When combined with natural extracts, they bring credibility to a product’s performance compared to simple concoctions that promise quick results.

It is essential for new consumers to understand the significance of active ingredients in beauty products.

The transformation of Pakistan’s beauty industry is an excellent opportunity for local clean beauty brands to flourish and cater to consumers’ evolving preferences.

The growing demand for clean beauty products allows consumers to confidently choose safe, sustainable, and inclusive products.

Local clean beauty brands committed to safe, sustainable, and inclusive beauty are gaining momentum and positive consumer feedback.

The growing demand for local clean beauty brands in Pakistan is not just about a shift towards safe and sustainable beauty products but also due to a range of practical issues that consumers face.

Firstly, there is a widespread issue of fake imported beauty products that are often sold at low prices in the local market.

Consumers have become increasingly aware of these fake products and are looking for trustworthy local brands that offer genuine, safe, and effective products.

Secondly, while many consumers are aware of the benefits of using premium imported beauty brands, these brands are often expensive and may not be affordable for everyone.

This has further fuelled the demand for good quality local beauty products that offer an excellent alternative at a more affordable price.

Lastly, consumers often face availability issues with their favorite imported brands due to distribution challenges, which has led to them seeking out local alternatives.

In this context, local clean beauty brands are filling a significant market gap by offering safe, effective, and readily available products.

In conclusion, the shift towards clean and kind beauty standards in Pakistan reflects the changing mindset of consumers and presents a significant opportunity for local clean beauty brands to thrive.

With the inclusion of active ingredients and natural extracts in their products, clean beauty brands can meet the evolving preferences of consumers and offer products that are safe, sustainable, and inclusive.

The Author is a seasoned marketing professional with over 13 years of experience in brand management and marketing. He has worked for top FMCG companies such as Unilever, L’Oreal, Colgate-Palmolive, and Nestle, and currently serves as the Head of Marketing and Operations at HERbeauty. Additionally, he was a marketing instructor/visiting faculty at Lahore University of Management Sciences (LUMS), IoBM and SZABIST.

Source: Pro Pakistani