The multi-millionaire founder of a Dundee company that became a global success story has been sacked due to “inappropriate” relationships with two members of staff.
Professor Andrew Hopkins created drug discovery firm Exscientia in 2012 while he was based at Dundee University.
The business – which uses artificial intelligence to automate drug design – was valued at £2.5 billion when it listed on the Nasdaq stock exchange in America in October 2021.
But the pioneering company has now “terminated” his employment as chief executive following an investigation into his conduct.
A company statement said: “The board’s decision was taken following an investigation which found that Dr Hopkins had engaged in relationships with two employees that the board determined were inappropriate and inconsistent with the company’s standards and values.”
Mr Hopkins, 53, has also been removed from his role as executive director of the board.
Exscientia chairman resigns over Andrew Hopkins scandal
Exscientia, which has an office at River Court in Dundee, has tried to reassure investors following Mr Hopkins’ dismissal.
It said: “Dr Hopkins’ personal conduct did not impact Exscientia’s consolidated financial statements or our internal controls over financial reporting.
“His termination is unrelated to the company’s operational or financial performance.
“The company is not in a position to provide further comment.”
Meanwhile the company’s chairman of the board, David Nicholson, has resigned over the scandal.
The investigation found he had prior knowledge of the existence of the earlier of Mr Hopkins’ relationships.
The firm said he “addressed the situation directly, and with the involvement of other outside counsel, rather than in consultation with the board”.
Dundee University spin-out’s success
After a decade working for Pfizer, Mr Hopkins joined Dundee University in 2007, where a new drug discovery unit had been established.
His wife Iva Hopkins-Navratilova moved with him to set up her own lab and at 35, he was one of the university’s youngest professors.
After establishing Exscientia, success came quickly.
A series of multi-million-pound deals with global drug companies were signed and an Oxford office added in 2017.
Still an honorary professor at the University of Dundee, he was elected a fellow of the Royal Society last year.
This year he received a CBE for services to science and innovation in King Charles’ New Year Honours List.
Hopkins’ millions from Exscientia
For its initial public offering, Exscientia set its share price at $22 which valued the company at $2.7bn (£2bn).
The shares soared to as high as $30 before falling back to $27 on the opening day of trading.
This meant Mr Hopkins’ stake in the company was worth more than $500m (£370m) on paper.
But, despite the surge in interest in artificial intelligence, Exscientia shares have fallen dramatically to around $7, valuing the firm at $860m.
According to the most recent SEC filing Mr Hopkins, paid around £1.7m in 2022, still controls more than 15% of company shares.
A Dundee University spokesperson said: “I can confirm that Andrew Hopkins is not a staff member of the University. He holds an honorary professorship.
“There’s nothing further we can add, given it is an Exscientia matter.”
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