Woofun AI reports that Miles Wang, a former OpenAI researcher specializing in AI for scientific discovery, is departing to establish a new startup focused on AI-driven drug development. The company aims to build models that identify new applications for existing medications and those that previously failed clinical trials.

The team is negotiating a funding round of approximately $200 million with a valuation of around $20 billion, with Lightspeed potentially leading the investment. Several other OpenAI researchers are expected to join the venture.