With blockbuster aspirations for low-cost drugs, EQRx finds public path via SPAC
Blank-check merger, PIPE bringing $1.8B to allow biopharma to scale quickly
Less than two years after debuting with the promise of launching drugs at prices dramatically lower than their competitors’, EQRx will test the public markets’ appetite for its model by going public through a merger with a SPAC.
EQRx Inc. will merge with CM Life Sciences III Inc. (NASDAQ:CMLTU), a blank-check company sponsored by Casdin Capital and Corvex Management that holds $552 million in cash. A broad syndicate of investors led by a subsidiary of Softbank Group Corp. will supply another $1.2 billion via a PIPE deal, boosting EQRx’s total holdings to about $2 billion including its existing cash...