Thermo Fisher Scientific Inc. (NYSE:TMO) stock is trading higher on Thursday. The company announced plans to use artificial intelligence (AI) with OpenAI.
- TMO is showing upward movement. See what is driving the move here.
The collaboration will help to improve the speed and success of drug development, the company said.
As part of the collaboration, Thermo Fisher is embedding OpenAI APIs (Application Programming Interfaces) into critical areas of its business, ranging from product development and service delivery to customer engagement and operational efficiency.
Also Read: Thermo Fisher Positioned As Biopharma’s Partner Of Choice
Collaboration Details
Deploy OpenAI advanced capabilities to one of the highest impact initial focus areas – Thermo Fisher’s PPD clinical research business – to significantly improve the cycle time of clinical trials and accelerate the time to bring new medicines to market.
Leverage OpenAI capabilities and Thermo Fisher’s expertise to more quickly help identify therapies that are unlikely to succeed, which will enable customers to redirect investment and resources toward more promising opportunities.
Integrate AI into Thermo Fisher’s Accelerator Drug Development solution, an end-to-end approach spanning early development, Phase 1–3 clinical research, clinical manufacturing and supply, and commercialization.
“With OpenAI directly powering Thermo Fisher workflows, frontier AI can help cut through complexity…,” said Brad Lightcap, chief operating officer at OpenAI.
In September, Thermo Fisher Scientific tapped the U.S. investment-grade bond market with a four-part, dollar-denominated offering, as companies move to secure funding ahead of a potential U.S. government shutdown.
The longest tranche of the sale —a 12-year security —could yield about one percentage point above Treasuries.
The proceeds are earmarked for general corporate purposes, including acquisitions, debt repayment, working capital, capital expenditures, or share repurchases.
Price Action: TMO stock is up 2.59% at $541.53 at the last check on Thursday.
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