Corvex, Casdin Backed SPAC To Merge With EQRx In $1.8B Deal
- CM Life Sciences III Inc (NASDAQ: CMLT), the third SPAC backed by Eli Casdin’s Casdin Capital LLC and Keith Meister’s Corvex Management LP, is set to merge with EQRx Inc (NASDAQ: EQRX).
- The stock will list on NASDAQ under the EQRX symbol.
- The transaction is expected to provide up to $1.8 billion in cash proceeds to EQRx, expanding the cash on its balance sheet to approximately $2.0 billion at closing. The merger values EQRx at $3.65 billion.
- The SPAC deal comes less than two years after the Company was founded on the premise that it could dramatically lower drug prices.
- EQRx has raised $800 million from investors, and it employs about 200 people.
- The merger is expected to close in the fourth quarter of this year.
- That medicine lineup includes two oncology assets, aumolertinib, and sugemalimab.
- EQRx now has the cash to work on a pipeline of 10-plus programs and further its drug discovery partnerships with Exscientia and AbCellera Biologics, thanks to the SPAC deal.
- Price Action: CMLT shares are down 0.34% at $9.98 during the market session on the last check Friday.
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