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Announced

Completed

EQRx went public via a SPAC merger with CM Life Sciences III in a $3.6bn deal.

Financials

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Transaction Value£2,622m
Consideration TypeCash
Capital Owned-
Capital Bid For100%
EV/Sales-
EV/EBITDA-
Share Price Premium-
One Off Charge-

Tags

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pharmaceutical company

Domestic

Majority

Merger

Private Equity

United States

De-SPAC

Acquisition

Single Bidder

Pharmaceuticals

Friendly

Private

Reverse Takeover

Completed

biotechnology

Synopsis

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EQRx, a new type of pharmaceutical company committed to developing and delivering important new medicines to patients at radically lower prices, went public via a SPAC merger with CM Life Sciences III, a life science-focused special purpose acquisition company, in a $3.6bn deal. The transaction includes a PIPE of $1.2bn led by SoftBank Group, Casdin Capital and Corvex Management, with participation from Fidelity Management & Research Company, Franklin Templeton, Invus, Rock Springs Capital, Bain Capital, BVF Partners, Boxer Capital, Avidity Partners, Andreessen Horowitz, Mubadala Investment Company and Verily. "EQRx is new pharma, leading the way in how we develop and price innovative medicines. We are excited to partner with a world-class group of investors who recognize the opportunity for change in our industry," Alexis Borisy, EQRx Chairman and CEO.

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