EQRx Debuts as Publicly Traded Company to Develop and Deliver Innovative Medicines at Radically Lower Prices
December 17 2021 - 12:45PM
CM Life Sciences III (Nasdaq: CMLT, CMLTW, CMLTU), a life
science-focused special purpose acquisition company, or SPAC,
sponsored by affiliates of Casdin Capital, LLC and Corvex
Management LP, and EQRx, Inc., a new type of pharmaceutical company
committed to developing and delivering important new medicines to
patients at radically lower prices, today announced the completion
of their business combination. The business combination was
approved by CM Life Sciences III’s stockholders at its special
meeting held on December 16, 2021.
EQRx, Inc., the resulting combined company, and its common stock
and warrants will commence trading on the Nasdaq Global Market on
Monday, December 20, 2021, under ticker symbols “EQRX” and “EQRXW,”
respectively. As a result of the business combination and the
previously announced private placement, EQRx received approximately
$1.3 billion in cash proceeds after deducting certain transaction
fees and expenses. The CUSIP number for EQRx’s common stock is
26886C 107 and 26886C 115 for the warrants.
“We are excited to begin a new chapter as a publicly traded
company to make sustainable and affordable drug pricing a reality,”
said Melanie Nallicheri, chief executive officer of EQRx. “EQRx is
well-positioned to develop a broad portfolio of innovative,
lower-cost medicines while building unique long-term partnerships
with payers and health systems to benefit people around the
world.”
EQRx’s growing pipeline of 10+ programs includes two
pre-registrational oncology assets (aumolertinib and sugemalimab)
that have demonstrated positive Phase 3 data for the treatment of
patients with advanced non-small cell lung cancer (NSCLC). In
addition, EQRx continues to advance multiple other clinical and
preclinical-stage programs and is further expanding its portfolio
through drug engineering collaborations with leading drug discovery
companies.
AdvisorsJ.P. Morgan Securities, LLC acted as
the lead financial advisor, with Goldman Sachs & Co. LLC also
acting as a financial advisor. PJT Partners LP also acted as a
financial advisor and Goodwin Procter LLP served as the legal
advisor to EQRx.
Jefferies LLC and Cowen and Company, LLC acted as joint capital
markets advisors and White & Case LLP served as legal advisor
to CM Life Sciences III. Jefferies LLC, Cowen and Company, LLC and
J.P. Morgan Securities LLC acted as joint placement agents.
About EQRxEQRx is a new type of pharmaceutical
company committed to developing and delivering innovative medicines
to patients at radically lower prices. Launched in January 2020,
EQRx is purpose-built, at scale, with a growing catalog of
medicines in development in high-cost drug categories and emerging
partnerships with leading payers and providers. Leveraging
cutting-edge science and technology and strategic partnerships with
stakeholders from across the healthcare system, EQRx aims to
provide innovative, patent-protected medicines more efficiently and
cost-effectively than ever before. To learn more,
visit www.eqrx.com and follow us on social media:
Twitter: @EQRxInc, LinkedIn,
Instagram: @eqrxinc.
EQRx™ and Remaking Medicine™ are trademarks of EQRx, Inc.
About CM Life Sciences IIICM Life Sciences III
was founded to take advantage of a dynamic life science sector
buoyed by innovation yet fragmented, where many companies are
under-resourced and under-scaled. Significant and under-appreciated
opportunities for consolidation are ready for engagement by a team
versed in the trends and themes, and who can bring together the
strongest of the new companies and management teams to capitalize
on near- and far-term opportunities. For more information, please
visit: https://iii.cmlifesciencesspac.com/.
Cautionary Statement Regarding Forward-Looking
StatementsThis press release contains certain
forward-looking statements within the meaning of the federal
securities laws. These forward-looking statements may be identified
by the use of words such as “believe,” “project,” “expect,”
“anticipate,” “estimate,” “intend,” “strategy,” “future,”
“opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,”
“will continue,” “will likely result,” and similar expressions.
These forward-looking statements include, but are not limited to,
express or implied statements regarding EQRx’s ability to develop
and deliver innovative medicines at radically lower prices, EQRx’s
ability to expand its pipeline, and execute on its business
strategy with payers, as well as other statements regarding plans
and market opportunities of EQRx. Forward-looking statements are
predictions, projections and other statements about future events
that are based on current expectations and assumptions and, as a
result, are subject to risks and uncertainties. Many factors could
cause actual future events to differ materially from the
forward-looking statements in this press release, including but not
limited to changes in the competitive and highly regulated
industries in which EQRx operates, variations in operating
performance across competitors, changes in laws and regulations
affecting EQRx’s business and changes in the combined capital
structure, risks associated with EQRx’s ability to implement its
business plans, including risks associated with its growth
strategy, obtaining regulatory approvals, and creating a global
payer network, and other risks associating with its plans to create
a new kind of pharmaceutical company, the risk of downturns and a
changing regulatory landscape in the highly competitive healthcare
and biopharmaceutical industries, the size and growth of the
markets in which EQRx operates and its ability to offer innovative
medicines at reduced prices, and EQRx’s ability to operate as a
public company. The foregoing list of factors is not exhaustive.
You should carefully consider the foregoing factors and the other
risks and uncertainties described in the “Risk Factors” section of
the definitive proxy statement/prospectus dated December 1, 2021
and filed with the SEC under Rule 424(b) and other documents filed
by EQRx from time to time with the SEC. These filings identify and
address other important risks and uncertainties that could cause
actual events and results to differ materially from those contained
in the forward-looking statements. Forward-looking statements speak
only as of the date they are made. Readers are cautioned not to put
undue reliance on forward-looking statements, and EQRx assumes no
obligation and does not intend to update or revise these
forward-looking statements, whether as a result of new information,
future events, or otherwise.
EQRx Contacts:
Media:Dan Budwick1ABdan@1abmedia.com
Investors: investors@eqrx.com
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