Biopharma marketplace, 9xchange, and AI-enabled drug discovery company, BenevolentAI (AMS: BAI), have announced a partnership to integrate AI technology to accelerate drug discovery and development. The collaboration seeks to use BenevolentAI's AI capabilities to enhance decision-making in indication expansion and drug repurposing for assets on the 9xchange platform.
The marketplace connects asset buyers and sellers in the biopharma industry and automates transaction processes. Founded by Anat Naschitz, who also co-founded and co-led OrbiMed Israel, the platform aims to streamline the drug asset transaction experience.
BenevolentAI's AI technology will assist 9xchange's members in exploring new indications for given assets. The collaboration aims to discover untapped potential in therapeutic portfolios and create new drug discovery opportunities.
The market for AI enabled Drug Discovery, valued at $1.1 billion in 2022 according to Grand View Research, is set for growth with a predicted CAGR of 29.6% from over the next seven years. A score of startups are working on similar initiatives within the biopharma industry aiming to use AI to accelerate drug discovery and development, like Insitro, Quris AI, Atomwise, and Insilico Medicine. Atomwise for example, with $174 million raised, developed a Deep Learning based discovery engine to enhance small molecule drug discovery, and to identify and optimize new chemical compounds.
The collaboration aims to address the existing inefficiencies in the industry, specifically in matching pharmaceutical assets with potential buyers and facilitating transactions. BenevolentAI's technology could reveal new therapeutic applications for drugs that may have been unsuccessful in their initial uses.
