(Reuters) – Roivant Sciences said on Friday it will buy drug developer Silicon Therapeutics for $450 million in an equity deal to strengthen its artificial intelligence capabilities for drug discovery.
The acquisition of Silicon will bolster Roivant’s targeted protein degradation platform, which is currently powered by machine learning techniques, the company said.
Roivant has multiple subsidiaries focused on developing treatments for multiple cancers, nervous system and immune system disorders, including Immovovant Inc and Sio Gene Therapies Inc.
Its platform aims to design candidates harnessing the body’s natural mechanism to get rid of harmful, disease-causing proteins.
The deal also includes additional potential regulatory and commercial milestone payments.
Silicon’s drug discovery leadership team, including its Chief Scientific Officer Woody Sherman, will join Roivant.
Reporting by Amruta Khandekar; Editing by Krishna Chandra Eluri