GRAHAM ADVISORS | INSTITUTIONAL RESEARCH | 5 APRIL 2026
*** AI DRUG DISCOVERY — 2 NOTES ATTACHED ***
Following Anthropic's $400M acquisition of Coefficient Bio (reported by The Information / Eric Newcomer), we are publishing two complementary notes on the listed AI drug-discovery universe.
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NOTE 1 — SECTOR OVERVIEW & M&A CONTEXT
• The Coefficient Bio deal as a valuation anchor (~$40M/head acqui-hire premium)
• AI drug discovery supercycle: where we stand in 2026
• Strategic buyer landscape: Big Tech vs. Large Pharma
• M&A precedents and per-head valuation triangulation across 5 listed names
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NOTE 2 — DEEP DIVE: SDGR / RXRX / RLAY / ABSI / ABCL
• Individual profiles: platform, pipeline, financials, analyst consensus, catalysts
• Hierarchy of conviction: RLAY and ABSI as top picks
• 2026 catalyst calendar and comparative matrix
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TOP PICKS
▸ RLAY US — Phase 3 zovegalisib (BTD), $554M cash, multiple analyst upgrades to $19-22. M&A target for Novartis / Roche.
▸ ABSI US — Closest listed comparable to Coefficient Bio. $422M mktcap, generative AI antibody design, ABS-201 AGA data H2 2026. AZ / Lilly M&A angle.
CORE LONG
▸ SDGR US — SaaS compounder ($199M ACV, 74% gross margin), –58% from 52W high, Morningstar FV $26.66 vs. $11.55 current. Big Tech acquisition target.
WATCHLIST
▸ RXRX US — Post-Exscientia merger, 7 clinical readouts, CEO transition risk
▸ ABCL US — Premium platform, post-COVID revenue headwind, Lilly M&A optionality
All prices as of 1–5 April 2026. Please revert with any questions.
Laurent Chekroun
Graham Advisors SARL | Makor Capital Markets
Freienbach, Canton of Schwyz