Recursion amends Exscientia acquisition to clarify post-closing board appointments

RECURSION PHARMACEUTICALS, INC.

Amendment lets Exscientia designate one board member (subject to Recursion board approval) effective at closing; a second member if mutually agreed.
Supplemental disclosures reveal deal discussions began Oct 2022 with an exploratory 'merger of equals' proposal between CEOs.
Disclosed Exscientia risk-adjusted revenue forecast: $18M (2024E) rising to $659M (2049E); Recursion revenue forecast $30M (2024E) to $627M (2049E).
Centerview DCF implied Exscientia equity value $3.90–$6.60 per share; analyst price targets gave implied exchange ratio range of 0.4118x–1.1250x (actual 0.7729x).
Recursion formed a Transaction Committee in July 2024 to oversee negotiations; no additional compensation or conflicts noted.

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