EQRx and Geisinger Sign Memorandum of Understanding to Provide Access to Innovative Cancer Medicines at Radically Lower Costs
January 07 2022 - 8:00AM
EQRx, Inc. (Nasdaq: EQRX), a new type of pharmaceutical company
committed to developing and delivering important new medicines to
patients at radically lower prices, today announced it has signed a
non-binding memorandum of understanding (MOU) with Geisinger, a
U.S.-based integrated delivery network. The MOU provides a roadmap
for Geisinger and EQRx to enter into a commercial agreement that
would give Geisinger’s members and patients access to EQRx’s
pipeline of innovative medicines, contingent upon approval by the
U.S. Food and Drug Administration (FDA). The MOU contemplates an
expansion of the existing long-term strategic collaboration between
the two organizations with a shared goal of bringing innovative
therapies to the people Geisinger serves, in a financially
sustainable way.
The parties anticipate that the commercial agreement would
initially focus on EQRx’s two lead oncology programs, aumolertinib
and sugemalimab, and could be expanded to other EQRx pipeline
programs. Aumolertinib, an epidermal growth factor receptor (EGFR)
inhibitor, and sugemalimab, an anti-PD-L1 antibody, have both shown
promising Phase 3 data for the treatment of patients with advanced
non-small cell lung cancer (NSCLC).
“We are committed to partnering with different types of health
systems worldwide to increase access to medicines, and we are
thrilled to collaborate with Geisinger, a leading integrated
delivery network,” said Melanie Nallicheri, chief executive officer
of EQRx. “The MOU provides a roadmap for access to future EQRx
products, beginning with our two lead oncology programs, and paves
the way to delivering these lower-cost, innovative medicines to the
more than one million people within Geisinger health systems upon
FDA approval.”
“Our partnership with EQRx is well aligned with Geisinger’s
commitment to our community to make better health easier by
directly addressing the rising costs of healthcare and medications
in particular,” said Mike Evans, chief pharmacy officer of
Geisinger. “Ballooning medication costs are placing an
unsustainable burden on both patients and the U.S. healthcare
system. This partnership marks Geisinger’s commitment to disrupt
the status quo and help make lower-cost medications for our
patients a reality.”
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 GeisingerGeisinger is committed to making
better health easier for the more than 1 million people it serves.
Founded more than 100 years ago by Abigail Geisinger, the system
now includes nine hospital campuses, a health plan with more than
half a million members, two research centers and the Geisinger
Commonwealth School of Medicine. With nearly 24,000 employees and
more than 1,600 employed physicians, Geisinger boosts its hometown
economies in Pennsylvania by billions of dollars
annually. Learn more at www.geisinger.org, or connect
with us
on Facebook, Instagram, LinkedIn and Twitter.
EQRx 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,” “contemplate”, “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 the ability to
reach a binding commercial agreement to provide access to
affordable treatments to people within Geisinger health systems,
EQRx’s ability to develop and deliver innovative medicines at
radically lower prices, the ability to form a long-term strategic
partnership between EQRx and Geisinger, 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 risks associated with
negotiating and finalizing binding agreements, receipt of the
anticipated benefits of any such commercial agreement or
longer-term partnership, EQRx’s ability to receive FDA approval for
its lead oncology assets and any other product candidates in its
pipeline, pharmaceutical product development generally, as well as
risks associated with 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, risks associated with EQRx’s
ability to implement its business plans, including risks associated
with its growth strategy and creating a global payer network, and
other risks associating with EQRx’s 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
prospectus dated December 23, 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
EQRx (NASDAQ:EQRX)
Historical Stock Chart
From Mar 2024 to Apr 2024
EQRx (NASDAQ:EQRX)
Historical Stock Chart
From Apr 2023 to Apr 2024