Shuttle Pharmaceuticals to acquire Molecule.ai for $10M

Shuttle Pharmaceuticals (SHPH) announced the execution of a letter of intent to acquire Molecule.ai and its platform. The platform enables researchers to shorten development timelines, reduce costs, and increase the likelihood of identifying successful therapeutic candidates. Shuttle will acquire all of the rights, title and interests Molecule.ai has free and clear of all liens. Shuttle will assume all liabilities in respect of Molecule.ai and at closing, Molecule.ai shall have no further obligations or liabilities thereunder. Molecule.ai will extend the current AI model and platform to support drug-target interaction. Molecule.ai will add first version of agentic AI mode that enables an automatic workflow for drug discovery. Molecule.ai will serve as lead liaison and headhunter, leveraging its relationships in the artificial intelligence community to recruit additional employees. As consideration for the purchase and the transaction, and Shuttle’s assumption of its obligations and liabilities, Shuttle shall pay to Molecule.ai, at closing, a purchase price of $10M payable, subject to the completion of the milestones, in a combination of cash and common shares of Shuttle. Consideration will be paid to Molecule.ai based upon certain milestones to be determined by both parties.