Shuttle Pharmaceuticals Signs LOI To Acquire AI Drug Discovery Firm Molecule.ai

(RTTNews) - Friday, Shuttle Pharmaceuticals Holdings, Inc. (SHPH) said it has signed a non-binding letter of intent to buy Molecule.ai, a company focused on using artificial intelligence for drug discovery.

The proposed $10 million deal, to be paid in cash and stock, will depend on certain milestones and final terms agreed by both sides.

Based on the agreement, Shuttle will take full ownership of Molecule.ai, assume its liabilities, and use its platform to improve and automate drug discovery. The company also plans to bring in more experts from the AI community.

Shuttle Pharmaceuticals, which develops treatments to improve outcomes for cancer patients undergoing radiation therapy, has a strong financial position with more cash than debt and a current ratio of 3.07, giving it flexibility to pursue the acquisition.

SHPH currently trades at $4.79 or 0.63 percent higher on the NasdaqCM.