In May 2023, GreenSky Ventures announced the acquisition of its portfolio company, Cyclica Inc., by Recursion Pharmaceuticals in an all-share transaction. The deal, revealed on May 8 and completed on May 25, marked a significant development in the drug discovery industry.

Toronto-based Cyclica, a GreenSky holding, developed a unique early-stage drug discovery platform, known for providing statistical rankings of the on- and off-target effects of small molecule drugs in the human body. This platform complemented the in silico drug discovery capabilities of Recursion Pharmaceuticals, headquartered in Salt Lake City. Concurrently, Recursion also acquired Valence, a Montreal-based company, further expanding its portfolio in the sector.

GreenSky's involvement with Cyclica was deep and longstanding. The firm supported Cyclica through various challenges, with Managing Partner Greg Stewart discovering the company at a business plan competition at the Rotman School of Management in 2011. Michael List, another Managing Partner at GreenSky, served on Cyclica's board for eight years, demonstrating GreenSky's commitment to Cyclica's growth.

Michael List expressed satisfaction with Cyclica's journey and its merger with Recursion, noting the significant increase in Recursion's share price post-announcement as evidence of the market's confidence in the combined entity. He anticipated that the merger would create greater value than the individual companies.

GreenSky acknowledged the Cyclica team's efforts, especially CEO Naheed Kurji, Founder Jason Mitakidis, Chief Innovation Officer Andreas Windemuth, and Scientific Advisor Shoshana Wodak. GreenSky looks forward to advancements in human health resulting from Recursion's future work.