BenevolentAI Begins Trading On Euronext Amsterdam

London, UK, 25 April 2022: BenevolentAI (Euronext Amsterdam: BAI), a leading, clinical-stage AI-enabled drug discovery company, announces that trading in its shares is expected to begin today, following completion of the business combination of BenevolentAI Limited with Odyssey Acquisition S.A. (“Odyssey”) on 22 April 2022 (the “Business Combination”).


  • The combined company now operates under the name BenevolentAI and will trade on Euronext Amsterdam under the ticker symbol BAI
  • Gross proceeds from the Business Combination of €225 million will put BenevolentAI in a strong position to accelerate the development of its clinical pipeline and deliver multiple value inflection points in the near future
  • BenevolentAI also intends to continue investing in its technology platform and consolidate its position in AI-enabled drug discovery
  • Olivier Brandicourt, the former CEO of Sanofi, and Jean Raby, the former CEO of Natixis Investment Managers, have joined the board of BenevolentAI


BenevolentAI is a leading, clinical-stage AI-enabled drug discovery company headquartered in London, with a research facility in Cambridge (UK) and an office in New York. BenevolentAI, employs a total of over 300 people. 

Through the combined capabilities of its AI platform, scientific expertise, and wet-lab facilities, BenevolentAI aims to deliver novel drug candidates with a higher probability of clinical success than those developed using traditional methods. 

The Benevolent Platform™ is a disease-agnostic drug discovery platform that powers a growing in-house pipeline of over 20 drug programmes, spanning from target discovery to clinical studies across multiple therapeutic indications. BenevolentAI also maintains successful collaborations with leading pharmaceutical company AstraZeneca, alongside collaborations with research and charitable institutions. 

The Business Combination provides BenevolentAI with a multi-year cash runway to continue development of the Benevolent Platform™ and progress its pipeline of drug candidates. In particular, BenevolentAI aims to complete the Phase I/II trial for BEN-2293 (atopic dermatitis) to make it ready for out-licensing, as well as to complete the Phase I trial for BEN-8744 (ulcerative colitis) in 2023 before commencing a Phase II trial. 

The BenevolentAI business model leverages the Benevolent Platform™ to generate new drug IP at scale and accelerate multiple novel assets to IND stage to commercialise in-house or through out-licensing agreements. Separately, BenevolentAI will seek to enter into selective strategic platform collaborations to drive greater shareholder value in disease areas that it would not currently select for in-house clinical development.

Joanna Shields, Chief Executive Officer of BenevolentAI, said: “At BenevolentAI, we set out to build a company that can bring about real transformation in drug R&D by leveraging AI and advanced technologies to improve drug efficacy, decrease failure rates and accelerate the development of new medicines. BenevolentAI is well on its way to achieving this mission. 

Our revolutionary approach empowers scientists to better understand disease biology and discover more effective therapies. Today, the Benevolent Platform™ is fully operational, scientifically validated, and producing results, demonstrated by our in-house pipeline of over 20 platform-generated drug candidates and successful collaborations. This listing underscores our commitment to becoming a key player in the global drug discovery sector.” 

Dr François Nader, Chairman of BenevolentAI, said: “BenevolentAI is strongly positioned to unlock a new level of growth as a public company and advance its ambitious plans to scale its innovative R&D platform. The next chapter for BenevolentAI is a compelling one, as we look to strengthen our position within the AI-driven drug discovery sector and advance our mission to deliver life-changing medicines to patients. I also take pleasure in welcoming Olivier Brandicourt and Jean Raby to our Board – they bring immense experience and expertise, which will be invaluable as we pursue our value creation strategy.”

Michael Zaoui, former Chairman of Odyssey, said: “The completion of the Business Combination and BenevolentAI’s listing on Euronext Amsterdam marks the final step of Odyssey’s journey. Again, we would like to thank our shareholders as well as all those who contributed to this result. BenevolentAI now starts its life as a public company, and we have every confidence that it will thrive in the important and exciting space of AI-led drug discovery.”

Transaction summary

Through the Business Combination, BenevolentAI has received gross proceeds of €225 million. 

The issued share capital of BenevolentAI now amounts to €145,126.303, divided into 137,626,303 Ordinary Shares and 7,500,000 class B shares (the “Sponsor Shares”). Following redemption of Ordinary Shares by their holders prior to closing, BenevolentAI will hold 25,137,581 Ordinary Shares in treasury.

On 25 April 2022, 5,000,000 Sponsor Shares automatically converted on a 1-to-1 basis into 5,000,000 Ordinary Shares. As a result, the share capital of BenevolentAI remains €145,126.303, divided into 142,626,303 Ordinary Shares and 2,500,000 Sponsor Shares.

Certain BenevolentAI shareholders that were shareholders in BenevolentAI Limited prior to the Business Combination and certain shareholders of Odyssey's Ordinary Shares are subject to a 180-day lock-up until 19 October 2022 and Odyssey's sponsor entity is subject to a 365-day lock-up until 22 April 2023, subject to terms set forth in the respective lock-up agreements. For more details on transaction rationale, transaction structure, and lock-up terms, please refer to the prospectus dated 22 April 2022, which can be found on the Investor section of  

About BenevolentAI

BenevolentAI (AMS: BAI) is a leading, clinical-stage AI-enabled drug discovery company listed on the Euronext Amsterdam stock exchange. Through the combined capabilities of its AI platform, scientific expertise, and wet-lab facilities, BenevolentAI is well-positioned to deliver novel drug candidates with a higher probability of clinical success than those developed using traditional methods. BenevolentAI has a consistently proven track record of scientifically validated discoveries. The BenevolentAI Platform™ powers a growing in-house pipeline of over 20 drug programmes, spanning from target discovery to clinical studies, and it maintains successful collaborations with AstraZeneca, as well as leading research and charitable institutions. BenevolentAI is headquartered in London, with a research facility in Cambridge (UK) and a further office in New York. 


Goldman Sachs International served as exclusive financial advisor to BenevolentAI in connection with the business combination. Goldman Sachs International also acted as placement agent on the PIPE. Latham & Watkins (London) LLP, NautaDutilh Avocats Luxembourg S.a r.l. and NautaDutilh N.V. served as legal advisors to BenevolentAI.

J.P. Morgan SE and Zaoui & Co served as financial advisors to Odyssey. J.P. Morgan SE also acted as placement agent on the PIPE. Skadden, Arps, Slate, Meagher & Flom (UK) LLP, ELVINGER HOSS PRUSSEN, société anonyme and Stibbe N.V. served as legal advisors for Odyssey.

Linklaters LLP served as legal advisor to the placement agents on the PIPE.

Contacts for BenevolentAI


Rajin Kang - VP Communications

Brunswick Group

Charles Pretzlik / Diana Vaughton / Ayesha Bharmal

+44 (0) 20 7404 5959


Fleur Wood

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