Benzinga | Oct 6, 2021 07:28AM EDT

EQRx, Absci Ink Protein-Based Therapeutics Development Pact

* EQRx and Absci Corporation (NASDAQ:ABSI) have announced a discovery collaboration for protein-based therapeutics. Deal terms were not disclosed.

* The partnership will leverage Absci's Drug Creation technology for discovery and development activities, along with EQRx's clinical development expertise and commercial capabilities to advance protein-based therapeutics at more affordable costs for patients.

* EQRx and Absci will collaborate to jointly engineer and develop several clinical candidates across multiple therapeutic areas, including oncology and immunology.

* At Absci's option, it may make additional investments at progressive stages of development in exchange for an increased share of product sales.

* Price Action: ABSI stock closed 1.38% higher at $11.03 on Tuesday.