Exscientia (EXAI) Corporate Presentation summary

Strategic rationale and combination overview

• Agreement aims to accelerate delivery of better medicines through a technology-enabled platform and shared vision for efficient, scalable drug discovery and development.

• Combined pipeline features ~10 clinical readouts expected in the next 18 months, with most programs targeting annual peak sales over $1 billion if successful.

• Estimated annual synergies of ~$100 million and a combined cash position of ~$850 million at end of Q2 2024, extending financial runway into 2027.

• Transaction is a stock-for-stock deal, with Recursion shareholders owning ~74% and Exscientia shareholders ~26% of the combined entity.

• Leadership will include Recursion’s CEO as CEO of the combined company and Exscientia’s interim CEO as Chief Scientific Officer, with board representation from both companies.

Pipeline and clinical programs

• Portfolio includes more than 10 technology-enabled programs across oncology, rare diseases, infectious diseases, inflammation, and immunology.

• Approximately 10 clinical readouts are anticipated over the next 18 months, with complementary pipelines and no competitive overlap.

• Notable near-term milestones include multiple IND submissions and clinical data readouts from late 2024 through early 2025.

• Additional discovery programs include a collaboration with Rallybio on an ENPP1 inhibitor, expected to nominate a development candidate in Q4 2024.

• Exscientia’s EXS617, a precision-designed CDK7 inhibitor, is positioned as a potential best-in-class molecule in Phase 1/2 studies, with full rights acquired and multiple tumor indications targeted.

Partnerships and revenue potential

• Combined company holds transformational partnerships with major pharma companies, including Roche, Bayer, Sanofi, and Merck KGaA, with 10 programs already optioned.

• Potential for ~$200 million in milestone payments over the next two years from current partnerships.

• Total milestone payments from partners could exceed $20 billion before royalties.

• Strategic collaborations span oncology, immunology, and neuroscience, leveraging both companies’ technology platforms.