Exscientia Acquisition, Valuation, Funding & Investors
Exscientia was acquired by Recursion Pharmaceuticals for $688M in August 2024, a 21.5x multiple on $32M of revenue.
Exscientia revenue at acquisition
$32M
Last twelve months · Aug 2024
Exscientia revenue multiple at acquisition
21.5x
EV/Revenue · Aug 2024
Cumulative funding Exscientia raised
$369M
across 5 funding rounds
About Exscientia
Exscientia is an Oxford-based precision medicine company integrating AI, machine learning, and wet-lab automation to design novel drug candidates. It has advanced seven molecules into clinical trials, including DSP-1181 for OCD and GTAEXS617 for solid tumors. Publicly traded on Nasdaq since 2021, Exscientia holds partnerships with Sanofi, Bristol Myers Squibb, and Merck KGaA. Founded in 2016, the firm operates design studios in the UK, U.S., and Japan, focusing on oncology, immunology, and neurology targets.
Founded
2012
HQ
OxfordWebsite
Status
Acquired
Customer focus
B2B
Revenue model
Licensing
Revenue
$37M (Mar 2021)
Valuation
$650M (Mar 2021)
Exscientia Acquisition
Exscientia was acquired by Recursion Pharmaceuticals for $688M on 8 August 2024.
The acquisition price implies a 21.5x revenue multiple on $32M of revenue.
Before the acquisition Exscientia had raised $369M across 5 funding rounds.
Exscientia, an Oxford, U.K.-based AI drug discovery company specializing in precision chemistry design, automated small molecule synthesis, and a pipeline focused on oncology including the Phase 1/2 GTAEXS617 (CDK7-targeted) for advanced solid tumors, inflammatory disease, and hematology, agreed to merge with Recursion Pharmaceuticals, a Salt Lake City-based AI pioneer in scaled biology exploration and translational capabilities with clinical candidates like REC-994 for cerebral cavernous malformation, REC-2282 for neurofibromatosis type 2, and REC-4881 for AXIN1/APC-mutant cancers and familial adenomatous polyposis. The all-stock merger, valued at $688 million and announced in August 2024, positions Recursion shareholders to own 74% of the combined entity retaining the Recursion name, with Exscientia shareholders receiving 0.7729 Recursion shares per Exscientia share for 26% ownership; it closed in November 2024. Leadership includes Recursion Co-Founder and CEO Chris Gibson as CEO and Exscientia Interim CEO David Hallett as Chief Scientific Officer, with headquarters in Salt Lake City and significant UK presence. The strategic rationale combines Recursion's high-throughput biology and target discovery with Exscientia's precision chemistry and synthesis tools to form a full-stack, technology-enabled small molecule platform industrializing drug discovery for high-quality medicines at lower prices, expecting 10 clinical readouts by end-2025, $200 million in milestones over 24 months, over $20 billion long-term before mid-single to double-digit royalties, and $100 million annual synergies. The deal follows Exscientia's February 2024 leadership change ousting founder CEO Andrew Hopkins over inappropriate employee relationships and pipeline pruning to four candidates, amid partnerships like Recursion's with Roche/Genentech ($30 million neuroscience payment), Bayer on undruggable oncology, NVIDIA, and Exscientia's Sanofi deal yielding a $7 million milestone in Q1 2025 for an immune cell target. Post-merger in 2025, Recursion streamlined to six projects, four in oncology and two in rare diseases, narrowing focus after initial 10 programs.
| Acquirer | Date | Type | Price | EV/Revenue |
|---|---|---|---|---|
| 8 Aug 2024 | Strategic M&A | $688M | 21.5x |
Exscientia Valuation
Exscientia is currently valued at $650M, based on its Series C in March 2021.
The $40M round was led by BlackRock, with participation from Evotec, Novo Holdings, Bristol-Myers Squibb and GT Healthcare Capital Partners.
Exscientia valuation by funding round
| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Mar 2021 | Series C | $650M | 17.6x |
Exscientia Revenue
Exscientia's latest recorded revenue is $37M, as of its Series C in March 2021. At a $650M valuation, that implies a 17.6x revenue multiple.
Exscientia revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Mar 2021 | $37M | $650M | 17.6x | Series C |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
Exscientia Funding History
Exscientia has raised a total of $369M across 5 funding rounds.
Exscientia's first fundraising round was a $18M Series A in September 2017. The most recent completed round was a $225M Series D in April 2021.
Exscientia funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Apr 2021 | Series D | SoftBank Group (lead); Novo Holdings; Casdin Capital; Marshall Wace; Laurion Capital Management; Bristol-Myers Squibb; BlackRock; Farallon Capital Management; Mubadala; Pivotal bioVenture Partners; GT Healthcare Capital Partners; Hongyou Investment | $225M | - | Exscientia is an AI-driven drug discovery company using precision design platforms to develop small-molecule therapeutics, with collaborations including Bristol-Myers Squibb (BMS). In April 2021, around the SoftBank Vision Fund-led $225 million round (exact valuation not specified in sources), the company achieved an opt-in milestone under its BMS collaboration, contributing to revenue growth. Full-year 2021 revenue reached $36.9 million, up $23.9 million from 2020, primarily from BMS milestone payments, with $85.3 million in total cash inflows from collaborations that year. Cash position strengthened significantly post-round, ending 2021 with $758.9 million in cash and equivalents, and net cash outflows from operations were low at about $9.0 million. Half-year revenue to June 30, 2021 was approximately $7.7 million USD (converted from £5.6 million). The company expanded partnerships, announcing three new ones in 2021, and later received a $100 million upfront from Sanofi in January 2022. No post-money valuation, EBITDA, or valuation multiples for the 2021 round appear in financial updates. Revenue recognition continued from collaborations in subsequent periods, with 2022 full-year revenue at $32.9 million. Exscientia went public via IPO around this timeframe, supporting its pipeline advancement in oncology and immunology. |
| Mar 2021 | Series C | BlackRock (lead); Evotec; Novo Holdings; Bristol-Myers Squibb; GT Healthcare Capital Partners | $40M | $650M | Exscientia is an Oxford-based AI-powered drug discovery company that uses artificial intelligence for precision drug design, target identification, and patient selection, advancing two fully AI-designed drugs into clinical trials by early 2021 and maintaining over 20 active programs in its pipeline. The company had notable achievements including its first AI-designed drug candidate for obsessive-compulsive disorder entering clinical trials in January 2020 with partner Sumitomo Dainippon Pharma, completing the process in one year versus the industry average of 4.5 years. In March or April 2021, Exscientia raised a $40M Series C-II extension round with participation from BlackRock (referred to as Blackrock Enhanced), alongside investors like Bristol-Myers Squibb, Evotec, GT Healthcare Capital Partners, and Novo Holdings. This $40M raise followed a $100M Series C round also led by BlackRock in late 2020 or early 2021, bringing total Series C funding to around $160M including a prior $60M tranche, with BlackRock's William Abecassis joining the board as an observer. The funds supported advancements toward autonomous drug design and pipeline progression, amid expanding partnerships such as with the Gates Foundation for global health challenges and Blue Oak for neuropsychiatric bispecific molecules. Exscientia had raised over $672M cumulatively by mid-2021, reflecting strong investor interest from tech and pharma sectors. Financially, Exscientia reported $36.9M in revenue for the full year 2021, comprising $0.6M service fees, $25.1M licensing fees from opt-in payments and milestones, and $11.2M from upfront payments and research funding, up significantly from prior years. The company employed over 100 staff across 20 countries, with recent US expansions in Miami and Boston. Subsequent developments included a $225M Series D in 2021 led by SoftBank Vision Fund 2 with participation from Novo Holdings, BlackRock, Bristol-Myers Squibb, GT Healthcare Capital, and others, plus a $300M SoftBank convertible note commitment. Exscientia went public on Nasdaq in October 2021 via IPO and private placement, raising around $510M and achieving a valuation of approximately $2.9B, with major shareholders including SoftBank (15.7%), Evotec (11.6%), and Novo Holdings (10.8%). The AI-pharma market was projected to reach $8.2B by 2026 at a 47% CAGR, underscoring the sector's growth. |
| May 2020 | Series C | Novo Holdings (lead); Evotec; Bristol-Myers Squibb; GT Healthcare Capital Partners | $60M | - | Exscientia is an Oxford-based artificial intelligence-driven drug discovery company that applies AI to accelerate small molecule drug discovery and development. The company combines deep scientific expertise with cutting-edge technology to significantly reduce the typical drug discovery timeline, with one project advancing from target to developmental candidate in less than 12 months compared to the conventional average of 4.5 years. Exscientia had expanded its portfolio into critical disease areas through multi-project partnerships with Bristol Myers Squibb, Bayer, Rallybio, and GT Apeiron, and in March 2020 announced a joint initiative with Diamond Light Source and Scripps Research to identify COVID-19 antiviral treatments. On May 26, 2020, Exscientia announced a $60 million Series C financing round led by new investor Novo Holdings, with existing investors Evotec, Bristol Myers Squibb, and GT Healthcare Capital (through its LPs) also participating. Robert Ghenchev, Senior Partner and Head of Novo Growth at Novo Holdings, joined Exscientia's board as part of the investment. The proceeds were designated for expanding Exscientia's existing portfolio and pipeline by launching new projects, progressing advanced projects toward clinical trials, expanding AI biology capabilities, and accelerating international expansion including buildup of presence in the United States. The company later completed a $225 million Series D round led by SoftBank Vision Fund 2, with previous lead investors Novo Holdings and funds managed by BlackRock also participating, alongside Mubadala Investment Company, Farallon Capital, Casdin Capital, and others. |
| Jan 2019 | Series B | Evotec; Celgene; GT Healthcare Capital Partners | $26M | - | Exscientia is a UK-based artificial intelligence-driven drug discovery company founded in 2012 as a spinout from the University of Dundee. The company developed proprietary AI technology called Centaur Chemist that applies machine learning to historical datasets and experimental data to accelerate small-molecule drug discovery. In January 2019, Exscientia closed a $26 million Series B financing round with participation from new investors Celgene Corporation and GT Healthcare Capital Partners, alongside existing investor Evotec AG. The funding was designated to scale the company's pipeline and advance selected drug discovery programs toward clinical development, with the company targeting IND-ready status for its first AI-driven programs within 12 months. Concurrent with the Series B, Exscientia announced a collaboration with pharmaceutical company Roche valued at up to CHF 67 million (approximately $68 million USD), which included upfront payments, research funding, and milestone and royalty provisions. The company was simultaneously building out its partnership portfolio, which by early 2019 included development agreements with Evotec, GlaxoSmithKline, Sanofi, and Roche—collectively representing estimated potential milestone payments and royalties exceeding $1 billion. Exscientia stood out among AI-focused drug discovery startups by generating substantial revenue through these partnership arrangements rather than relying solely on traditional venture capital funding. |
| Sep 2017 | Series A | Evotec (lead) | $18M | - | Exscientia is a Scotland-based AI drug discovery company spun out from the University of Dundee in 2012, using artificial intelligence to automate and accelerate drug design by learning from data and emulating human research at faster rates with complex models. Evotec invested €15 million ($17.7 million) in September 2017, becoming the first strategic shareholder with a minority equity stake of 24.54% as of December 2017. The funding supported further development of Exscientia's platform and enhancement of its partnership programs. |
Who has invested in Exscientia?
14 investors have backed Exscientia across its funding rounds, including Evotec, GT Healthcare Capital Partners, Novo Holdings, Bristol-Myers Squibb, BlackRock and SoftBank Group.
Lead investors include SoftBank Group, BlackRock, Novo Holdings and Evotec.
Exscientia Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
 Hamburg | 4 | Lead | Sep 2017 | |
 Hong Kong | 4 | Participant | Jan 2019 | |
 Copenhagen | 3 | Lead | May 2020 | |
 New York City, NY | 3 | Participant | May 2020 | |
| United States | 2 | Lead | Mar 2021 | |
 Tokyo | 1 | Lead | Apr 2021 | |
| New York City, NY | 1 | Participant | Apr 2021 | |
| London | 1 | Participant | Apr 2021 | |
| New York City, NY | 1 | Participant | Apr 2021 | |
| San Francisco, CA | 1 | Participant | Apr 2021 | |
 Abu Dhabi | 1 | Participant | Apr 2021 | |
| San Francisco, CA | 1 | Participant | Apr 2021 | |
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Start Free TrialAcquisitions by Exscientia
Exscientia has acquired 2 companies to date.
Last acquisition by Exscientia was on June 15th 2021. Exscientia acquired Allcyte for $54M.
Latest Acquisitions by Exscientia
| Description | Allcyte is a Vienna-based biotech firm advancing personalized cancer medicine through its Pharmacoscopy platform. Employs high-content imaging and AI-driven analysis on primary patient cells to test drug efficacy. Supports pharmaceutical R&D by quantifying single-cell responses in minimal sample volumes, targeting solid tumors and hematological malignancies. | Kinetic Discovery Ltd. is an Oxford-based contract research organization providing hit identification, validation, and assay development services for drug discovery. Using proprietary NanoBRET and other biophysical platforms, it supports pharmaceutical partners in kinase inhibitor programs and target validation across oncology and inflammation. |
| HQ Country |  | |
| HQ City | Vienna | Dundee |
| Deal Date | 15 Jun 2021 | 15 Nov 2018 |
| Valuation | $54M | undisclosed |
| EV/Revenue | ||
| EV/EBITDA | ||
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Exscientia Competitors
Exscientia competitors include listed companies like Monopar Therapeutics, Aura Biosciences, MiMedx Group and Verastem, and private ones like Iambic and Sarborg.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| San Diego, CA | Private | - | - | $600M | - | |
 Cayman Islands | Private | - | - | $575M | - | |
| United States | Publicly listed | - | ($17M) | $687M | - | |
| United States | Publicly listed | - | ($112M) | $684M | - | |
| United States | Publicly listed | $419M | $78M | $684M | 1.8x | |
| United States | Publicly listed | $31M | ($212M) | $684M | 6.8x |
Exscientia Public Comps
Exscientia is no longer listed, but its public comps include Monopar Therapeutics, Aura Biosciences, MiMedx Group, Verastem, Genfit, SK Chemicals, Sagimet Biosciences, Nuvectis Pharma, Ironwood Pharmaceuticals and Senores Pharmaceuticals.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| - | ($17M) | - | - | (33.1x) | (16.3x) | |||
| - | ($112M) | - | - | (3.4x) | - | |||
| $419M | $78M | 1.4x | 1.8x | 7.2x | 21.0x | |||
| $31M | ($212M) | 20.4x | 6.8x | (3.0x) | - | |||
| $75M | ($98M) | 9.9x | 7.9x | (7.7x) | 52.1x | |||
| $1.7B | $168M | 1.0x | 0.9x | 10.5x | 10.0x | |||
| - | ($57M) | - | - | (8.0x) | - | |||
| - | ($28M) | - | - | (24.5x) | (23.3x) | |||
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Common questions about Exscientia
| When was Exscientia founded? | Exscientia was founded in 2012. |
| Where is Exscientia headquartered? | Exscientia is headquartered in Oxford, United Kingdom. |
| Is Exscientia publicly listed? | No, Exscientia was acquired by Recursion Pharmaceuticals in August 2024. |
| Who acquired Exscientia? | Exscientia was acquired by Recursion Pharmaceuticals in August 2024. |
| How much was Exscientia acquired for? | Exscientia was acquired for $688M in August 2024, a 21.5x revenue multiple. |
| What is Exscientia's valuation? | Exscientia was last valued at $650M in its Series C in March 2021. |
| How much funding has Exscientia raised? | Exscientia has raised $369M across 5 funding rounds. |
| What was Exscientia's last funding round? | Exscientia's last funding round was a $225M Series D in April 2021, led by SoftBank Group. |
| Who are Exscientia's investors? | Exscientia's investors include Evotec, GT Healthcare Capital Partners, Novo Holdings, Bristol-Myers Squibb, BlackRock, SoftBank Group, Casdin Capital, Marshall Wace, Laurion Capital Management, Farallon Capital Management and 4 others. |
| What is Exscientia's revenue? | Exscientia's latest recorded revenue is $37M (March 2021). |
| What is Exscientia's revenue multiple? | Exscientia's latest valuation implies a 17.6x revenue multiple ($650M valuation on $37M of revenue). |
| Which companies are comparable to Exscientia? | Companies comparable to Exscientia include Iambic, Sarborg, Monopar Therapeutics, Aura Biosciences, MiMedx Group and Verastem. |
| How many companies has Exscientia acquired? | Exscientia has acquired 2 companies, including Allcyte and Kinetic Discovery Ltd.. |
| What was the largest acquisition by Exscientia? | The $54M acquisition of Allcyte in June 2021 is the largest acquisition Exscientia has made to date. |
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