Pharma BD Deal Intelligence
Roche and Genentech entered a transformational, 10+ year drug-discovery collaboration with Recursion (Nasdaq: RXRX) on December 7, 2021, leveraging the Recursion OS image-based AI/ML platform across neuroscience and a single gastrointestinal-oncology indication. Recursion received $150M upfront and is eligible for up to ~$300M+ per program across up to 40 programs, with potential aggregate value exceeding $12B. The collaboration is active and has been executing on its option-and-milestone structure: Roche/Genentech optioned a first GI-oncology program in October 2023, optioned a first neuroscience phenomap (~$30M) in August 2024, and in October 2025 accepted a second neuroscience phenomap - a whole-genome CRISPR knockout map built from 100B+ iPSC-derived microglia - triggering another $30M milestone. As of full-year 2025, Recursion has received $213M in cumulative upfront and milestone payments under the deal, with six Phenomaps accepted and one small-molecule program initiated. (Recursion, separately, merged with Exscientia in August 2024 in a ~$688M all-stock deal, but the Roche/Genentech collaboration continues independently.)