AI Biologics firm Absci tie up with AstraZeneca on Cancer Drug

Anglo-Swedish drugmaker AstraZeneca (AZN.L) has signed a deal worth up to $247 million with U.S. artificial intelligence (AI) biologics firm Absci (ABSI.O) to design an antibody to fight cancer, Absci said in a statement on Sunday.

Absci's collaboration with AstraZeneca aims for a zero-shot generative AI model designed to create new and improved antibody therapeutics, the company said. It did not say what kind of cancer they plan to target.

Absci applies generative artificial intelligence to design optimal drug candidates based on target affinity, safety, manufacturability and other traits.

Technical Analysist
Price Momentum
ABSI is trading in the middle of its 52-week range and above its 200-day simple moving average.

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Investors are still evaluating the share price, but the stock still appears to have some upward momentum. This is a positive sign for the stock's future value.