Utah’s Recursion Goes Public – Announces Pricing of IPO
April 16, 2021
Recursion Pharmaceuticals, Inc. today announced the pricing of its initial public offering of its Class A common stock at a price to the public of $18.00 per share. Recursion is offering 24,242,424 shares of its Class A common stock. The gross proceeds from the offering are expected to be $436.4 million. The shares are expected to begin trading on the Nasdaq Global Select Market on April 16, 2021 under the symbol “RXRX” and the offering is expected to close on April 20, 2021,
Recursion first began its journey in early 2013 when Co-Founder Chris Gibson uncovered the opportunity to apply Machine Learning (ML) to cell images while doing his PhD at the University of Utah. The company was officially launched in Salt Lake City on November 5, 2013 and as they say, the rest is history…
Embarking on this journey with bold vision and passion, Gibson likes to note that “from our earliest days, our story was unlikely – we are a company started by two graduate students and a professor, headquartered in Salt Lake City, Utah. Our humble and unlikely beginnings are foundational to what we’ve built today…now we are leaders in this space, and we vow to stay hungry and focused on our mission.”
“Utah’s life sciences community congratulates Recursion on this exceptional milestone, said Kelvyn Cullimore, president and CEO of BioUtah. “The IPO is a testament to the company’s innovative approach to drug discovery and its dedicated team of professionals. Recursion is not only a Utah success story, but under the leadership of CEO Chris Gibson, the company is a cheerleader for the state’s life sciences industry at large, investing time and resources to expand and strengthen our ecosystem.”
Recursion is a proud founder of the recently launched BioHive, a robust branding initiative under the BioUtah umbrella aimed at raising the profile of Utah’s life sciences industry on the national and global stage. The company also helped established local Altitude Lab which provides incubator space, equipment and mentorship to support new startups.
“With Recursion’s IPO today, the buzz of BioHive is getting louder and we can’t wait to see what’s comes next,” added Cullimore.
Central to the company’s mission is the Recursion Operating System, or Recursion OS, that combines an advanced infrastructure layer to generate what Recursion says is one of the world’s largest and fastest-growing proprietary biological and chemical datasets and the Recursion Map, a suite of custom software, algorithms, and machine learning tools that is used to explore foundational biology unconstrained by human bias and navigate to new biological insights.
Recursion has granted the underwriters a 30-day option to purchase up to an additional 3,636,363 shares of its common stock at the initial public offering price, less the underwriting discounts and commissions.
Goldman Sachs & Co. LLC and J.P. Morgan are acting as lead book-running managers for the offering, with BofA Securities, SVB Leerink, Allen & Company LLC, and KeyBanc Capital Markets are acting as book running managers for the offering.