Biopharmaceutical company EQRx set to be acquired by Revolution Medicines
On 1 August 2023, Revolution Medicines signed an official agreement confirming the acquisition of the biopharmaceutical company EQRx. The deal comes after the company suffered a difficult few months following the unsuccessful development of sugemalimab, with researchers finding “no commercially viable path” for the drug. More troubles followed within the company leading to a large business reset, which caused 50% of its staff to lose their jobs.
The all-stock transaction will be completed in November 2023, whereby Revolution Medicines will gain capital of $1bn and the 7,692,308 EQRx shares will be received by its shareholders. The company’s portfolio currently contains over ten programmes, some of which are already at a clinical stage; Revolution Medicines has stated, however, that they do not intend to advance on these programmes after the transaction.
Melanie Nallicheri, the EQRx president and CEO, commented: “Today’s announcement is a result of a rigorous process run by an independent committee of directors of the EQRx board that have thoroughly explored and considered strategic alternatives to maximise value to EQRx stockholders.”
Revolution Medicines’ CEO and chairman, Mark Goldsmith, stated: “This deal marks a decisive step toward advancing Revolution Medicines’ vision as a self-sufficient organisation that discovers and develops highly innovative drug candidates to deliver high-impact targeted medicines into oncology practice on behalf of patients with RAS-addicted cancers.”
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