- Business combination with CM Life Sciences III results in approximately $1.3 billion in cash proceeds
- Combined company to trade on Nasdaq Global Market under ticker “EQRX”
NEW YORK and CAMBRIDGE, Mass., Dec. 17, 2023 (GLOBE NEWSWIRE) — 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, 2023.
EQRx, Inc., the resulting combined company, and its common stock and warrants will commence trading on the Nasdaq Global Market on Monday, December 20, 2023, 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.
Advisors
J.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 EQRx
EQRx 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 III
CM 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 Statements
This 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, 2023 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 Budwick
1AB
[email protected]
Investors:
[email protected]
