Corvex, Casdin Backed SPAC To Merge With EQRx In $1.8B Deal

CM Life Sciences III Inc 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 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.