Exscientia advances two additional discovery programs with Sanofi

Exscientia (EXAI) announced the advancement of two additional discovery programs within its collaboration with Sanofi (SNY), with Exscientia receiving an aggregate of $15M in milestone payments. Both lead compounds have met the product profile requirements, set by both Exscientia and Sanofi, to enable a transition to the lead optimization phase within the collaboration. Both programs have also shown a high level of differentiation in early profiling and have the potential to produce assets. Exscientia will receive $15M, in aggregate, for achieving these milestones. The payment is expected to be received by Exscientia in the fourth quarter of 2024 and reflected as cash inflows from collaborations and recognized as revenue over the duration of the collaboration. For these two programs, Exscientia is also eligible to receive additional pre-commercial milestone payments of over $300M and commercial milestones of over $300M as well as tiered royalties on product sales ranging from high-single-digits to mid-teens, subject upon the achievement of certain specified research, development, regulatory and commercial milestones.