Evotec AG has taken a minority stake in Exscientia, a portfolio company of Frontier IP Group Plc (LON:FIPP) for €15mln.
Exscientia is a pioneer of artificial intelligence in drug discovery. The cash injection will enable Exscientia to accelerate growth.
The Frankfurt-listed company has been working with Exscientia since early 2016 on the advancement of small molecules in the field of immuno-oncology.
The resulting revaluation of Frontier's holding in Exscientia will be reflected in the group's full year results, due to be released in October.