In a significant strategic pivot, artificial intelligence drug discovery company BenevolentAI is contemplating a return to the London markets by 2026, following its planned delisting from Euronext Amsterdam. The company’s founder, Ken Mulvany, who recently regained control amid mounting concerns over share price performance, is spearheading this strategic reassessment.
The organisation’s market capitalisation has witnessed a dramatic decline to approximately €55 million, a stark contrast to its previous valuation exceeding €1 billion. This precipitous fall prompted Mulvany’s return as executive chairman in October, where he identified critical issues in investor engagement and corporate governance.
“It was a public company running itself as a private company, which is somewhat of a recipe for disaster,” Mulvany explained, highlighting the fundamental challenges that led to the company’s current predicament. The appointment of Deutsche Numis as adviser signals a serious consideration of London as a potential listing destination, despite Mulvany’s acknowledgement of the current challenges in UK public markets.
The restructuring plans include significant job reductions and cost-cutting measures, with the company seeking shareholder approval for its Amsterdam delisting by early 2025. Mulvany, holding a 28% stake, emphasises this is not a permanent retreat from public markets, but rather a strategic pause for reorganisation.
BenevolentAI’s revised strategy focuses on returning to its core strength: developing AI solutions for third-party pharmaceutical companies’ drug discovery programmes. The timing of any potential relisting will be contingent upon the company’s success in generating recurring revenue growth, with a comprehensive review planned for the latter half of 2026.
Addressing broader industry concerns, Mulvany cautioned against excessive regulation of AI technology, noting the narrow technological gap between Western and Eastern developments. He stressed that over-regulation could potentially hamper innovation and compromise security advantages currently held by Western nations.
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