11:13 AM EDT, 08/08/2024 (MT Newswires) -- Recursion Pharmaceuticals ( RXRX ) shares rose 6.1% in recent Thursday trading and Exscientia ( EXAI ) jumped 16% after the companies agreed to combine in an all-stock transaction.

Exscientia ( EXAI ) shareholders will get 0.7729 shares of Recursion class A shares for each ordinary share they own, the companies said Thursday in a statement. Recursion shareholders will own 74% of the combined company, and Exscientia ( EXAI ) investors will own the rest.

Major investors in each company. including shareholders of 40% of Exscientia ( EXAI ), agreed to vote in favor of the deal, the companies said.

The companies had about $850 million in cash and cash equivalents at the end of Q2, and the combined company is expected to have a runway extending into 2027.

The deal is expected to close by early next year.

Price: 6.76, Change: +0.39, Percent Change: +6.06