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Exscientia to lay off up to 25% of employees; shares down 10% Exscientia (NASDAQ:EXAI) said it would let go of 20%-25% of its staff by the end of the year, particularly in target identification, precision medicine, experimentation, engineering, and infrastructure. Shares are down ~10% in Tuesday morning trading. The company expects to incur severance and termination costs of $7.4M-$9.6M that will be recorded this quarter but paid through the remainder of 2024. Along with other measures, Exscientia (EXAI) expects annualized savings of at least $40M beginning in 2025. The company added it now projects its cash runway will extend into 2027.

Exscientia to lay off up to 25% of employees; shares down 10% Exscientia (NASDAQ:EXAI) said it would let go of 20%-25% of its staff by the end of the year, particularly in target identification, precision medicine, experimentation, engineering, and infrastructure. Shares are down ~10% in Tuesday morning trading. The company expects to incur severance and termination costs of $7.4M-$9.6M that will be recorded this quarter but paid through the remainder of 2024. Along with other measures, Exscientia (EXAI) expects annualized savings of at least $40M beginning in 2025. The company added it now projects its cash runway will extend into 2027.

Exscientia to lay off up to 25% of employees; shares down 10% Exscientia (NASDAQ:EXAI) said it would let go of 20%-25% of its staff by the end of the year, particularly in target identification, precision medicine, experimentation, engineering, and infrastructure. Shares are down ~10% in Tuesday morning trading. The company expects to incur severance and termination costs of $7.4M-$9.6M that will be recorded this quarter but paid through the remainder of 2024. Along with other measures, Exscientia (EXAI) expects annualized savings of at least $40M beginning in 2025. The company added it now projects its cash runway will extend into 2027.

After a tough year, Exscientia folds into Recursion to create an AI superpower https://lnkd.in/g_NmS-_B After a year defined by pipeline cuts, the departure of its CEO and layoffs, Exscientia will merge into Recursion, creating one company that has 10 clinical readouts to look forward to over the next 18 months. “We believe the proposed combination is deeply complementary and aligned with our missions to industrialize drug discovery to deliver high quality medicines and lower prices for consumers,” said Chris Gibson, Ph.D., the CEO of Recursion who will remain in that role in the newly combined entity. The companies announced the deal Thursday morning . Exscientia will bring its precision chemistry design and small molecule automated synthesis technology into Recursion, which contributes scaled biology exploration and translational capabilities. The combined entity will have $850 million in cash and about $200 million in expected milestones over the next 24 months, plus a potential $20 billion in royalties on the line later if any drugs from… Click here to view original post Click Here to Publish/Feature Your Company or Product News with Biotech Networks

Welcome to Cruxx. Formerly RW Search, we are proud to introduce our new brand: Cruxx. Placing MedTech pioneers in transformative roles that help us live longer, healthier lives. Why the change? For years, RW Search has been committed to driving the future of MedTech recruitment. But it’s time for a bold new identity—one that better reflects our purpose and vision. Cruxx represents the pivotal point where talent and innovation meet. The ‘X’ stands for exponential possibilities, the cutting edge of what’s next in MedTech. We’re not just recruiters. We are partners in progress, advocates for innovation, and catalysts for life-saving technologies. Our vision is clear: A future of life-saving innovation. With Cruxx, we aim to accelerate medical technology to a point that fringes on science fiction. Join us in shaping the future. This is just the beginning. #medtech #executivesearch #talentacquisition #medicaldevices

🌐 Exciting Industry Update! Integer Holdings Corporation acquires Pulse Technologies, marking a strategic move in the ever-evolving landscape of medical technology. 🌐 Integer Holdings Corporation, a key player in the medtech space, has successfully acquired Pulse Technologies, a move set to redefine the dynamics of the medical device industry. This acquisition is poised to unlock new possibilities for innovation, collaboration, and market growth. As an avid follower of developments in the medtech sector, I find this strategic move noteworthy for its potential impact on the industry's future landscape. The integration of Integer Holdings Corporation and Pulse Technologies' expertise is a promising step towards addressing evolving healthcare needs and advancing technological solutions. Read the full details of this acquisition in the article below. #MedTech #IndustryNews #HealthcareInnovation #Acquisition #MedicalDevices #MedTechDive

🦾 We are transforming health tech. 🧠 We are The Brainlab Companies. 👪 And together, we are growing as one entity with one unified goal: advancing healthcare technology. “The Brainlab Companies are transforming the next era in patient care with the concerted and united goal to develop a data-driven ecosystem of the highest quality for providers and patients worldwide,” said Stefan Vilsmeier, President and CEO, Brainlab. In recent years, Brainlab has strategically acquired existing companies – Mint Medical, a Brainlab company, Langer Medical, a Brainlab company, Level Ex and Medphoton, a Brainlab company (majority acquisition) – and created the spin-off, Snke OS, a Brainlab company, establishing a diverse portfolio. This integration of expertise and capabilities has positioned The Brainlab Companies as a powerful force operating under one shared commitment: advancing healthcare technology. Learn more about our strategic brand initiative unifying all its subsidiaries under a new umbrella in this press release: https://lnkd.in/dYakiAhc #WeAreBrainlab #brandstrategy #digitalhealth

What were the value drivers behind our exit? You might be interested in a few insights from a recent fireside chat in New York, in my newsletter being published today. I recently had the pleasure of sharing our story live in New York for a fireside chat held at NYU Tandon Future Labs, hosted by Vadim Gordin. One part of my presentation (slide below) included a brief overview of the key value drivers behind our company sale. This of course is not an exhaustive list and is context dependent, but might provide some useful insight for others on a similar journey. - First commercialized medical device to address an unmet need. Our device was the first solution to a clinical problem that had not previously been addressed (and one that was growing in importance). - Clinical Evidence demonstrated efficacy. As with any medical device (notably those new to the market), clinical evidence is a crucial part of the story. What claims can you make on the efficacy of your device, and what published literature is available to support these claims? - Regulatory approvals in key markets. Regulatory approvals are crucial for an acquiring company in the medical device sector for several key reasons. - Intellectual property. With patents filed (and eventually granted) across major geographies (notably the US), we would have a head start on any major players considering entering this niche market. - Strong financial metrics. Clearly there is a strategic element to many acquisitions, but if the numbers don’t stack up, it’s unlikely to progress any further than due diligence - Early commercial success in the US market. What if we could prove our business model in the US market, build adoption in key territories, and retain a lean cost base? I will discuss each of these in more detail in my newsletter - sign up using the link in the comments or in my bio. #Innovation #MedicalDevices #WomensHealth #Obstetrics #Acquisition #Commercialization #Exit #FiresideChat #NewYork

#medtech in 2024 - what gives? Kind of a good news, bad news situation to start the year off. ************************************* 😞While we're starting the year off with a little bit of bad news😞 Planned layoffs with Illumina, Cue Health, LivaNova, Zimmer Biomet, Nevro and Globus Medical, following those at NuVasive from the merger. ************************************* 😄There is ALWAYS good news!😄 #medicaldevice manufacturing remains the solid and steady market that typically sees growth between 4.5% and 6.5%, with forecasts showing likely growth at ~6.20% for the foreseeable future. Summary from a solid report from McKinsey & Company (sometimes they do more than reeeeaaaallllyyyy expensive powerpoints). - Industry revenue growth is expected to stabilize at 100-150 basis points above pandemic levels. - Much of this growth will occur in new and nontraditional sites of care, including alternative surgery centers (ASCs), medical offices, and outpatient settings. - Innovation should see strong gains as FDA wait times have shortened by almost 15%. - Anyone looking to start a company, plenty of investment $$ out there, but the focus continues to shift to profit and EBIT, and careful on those valuations, they are tied to the economy, not just Excel and your opinion. ...oh - and you should probably somehow focus on #ai, #digitalhealth ************************************* Bottom line, take the bad with the good, and realize that we are halfway through Q1 today. So love on that a little bit this #valentinesday ❤️ #meddevice #medtech #woundcare #regenerativemedicine

It was great to connect with PharmaLive for their story on Health Care & Life Sciences M&A. As I said in the article, we are looking towards 2025 now for the return of HCLS M&A in a more meaningful way, but whether or not we return to the volumes seen in 2020 and 2021 remains to be seen. Interest rates now being “higher for longer” is certainly a factor, so is the upcoming election, as well as the continuing need for companies to integrate previous acquisitions. But frankly, none of that is an excuse when now more than ever, innovation in life sciences and relevancy with new paths to cure forour patients worldwide is paramount....deals drive our power in life sciences, period. Check out what we talked about below. #KPMGLifeSciences