BigHat Biosciences Files for IPO Following $350M+ AI Antibody Deal with AbbVie

On December 5, AbbVie and BigHat Biosciences announced a research collaboration to develop next-generation therapeutic antibodies by leveraging BigHat's artificial intelligence and machine learning (AI/ML) Milliner™ platform, along with AbbVie’s expertise in oncology and neuroscience.

Under the terms of the agreement, BigHat will receive a $30 million upfront payment and is eligible for up to approximately $325 million in development milestones and sales royalties.

BigHat Biosciences, headquartered in California, USA, was founded in 2019. Its proprietary Milliner™ AI antibody design platform combines wet labs with ML, enabling each antibody to be designed, expressed, purified, and characterized within just a few days. Additionally, each work unit at BigHat can synthesize, express, purify, and characterize hundreds of antibody molecules within days, with comprehensive information ranging from biophysics to functionality obtained for every antibody molecule at BigHat.

In terms of financing, in February 2021, BigHat Biosciences completed a $19 million Series A financing round; in July 2022, BigHat Biosciences completed a $75 million Series B financing round, with both Amgen Ventures and BMS participating in the investment.

In terms of BD, in January 2022, BigHat Biosciences announced the completion of the first phase of a research collaboration with Amgen, applying BigHat’s platform for multi-target optimization of next-generation antibodies; in December 2022, BigHat Biosciences announced a research collaboration with MSD, utilizing its AI technology to design candidate drugs for three drug discovery programs.

BigHat Biosciences CEO Mark DePristo said, "We are thrilled to partner with AbbVie and look forward to using our Milliner™ platform to design the next generation of therapeutic antibodies. Milliner™ can rapidly optimize multiple critical parameters, including functionality and developability, enabling the faster delivery of complex antibodies with improved properties."

Notably, with the addition of AbbVie's deal with BigHat Biosciences, this week has seen a total of three major collaborations in the AI pharmaceuticals sector (the other two: , ), demonstrating the strong enthusiasm of multinational corporations (MNCs) for investing in this field.

References:

https://www.bighatbio.com/news/abbvie-and-bighat-biosciences-announce-research-collaboration-to-leverage-artificial-intelligence-and-machine-learning-to-discover-next-generation-therapeutic-antibodies

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