India, June 17 -- TCTM Kids IT Education Inc. (VSA), a Chinese emerging technology services company, announced Tuesday that it has entered into a non-binding letter of intent or LOI to acquire HopeAI Inc., an artificial intelligence company specializing in AI-powered clinical development.
In the pre-market activity on the Nasdaq, TCTM Kids shares were gaining around 11.2 percent.
The company will buy HopeAI in exchange for a certain amount of restricted Class A ordinary shares of TCTM Kids IT to be determined based on the valuation of HopeAI.
HopeAI's AI-driven platform is poised to dramatically shorten trial duration, reduce costs, and accelerate time-to-market for new drugs.
The proposed acquisition is expected to significantly advanc...