The end of EQRx has officially arrived.
EQRx will be acquired by Revolution Medicines in an all-stock transaction, the companies announced Tuesday morning
in a press release
. As part of the merger, all of EQRx’s ongoing R&D portfolio programs will be wound down and the intellectual property returned to its partners.
According to the release, the deal will add $1 billion in net cash to Revolution’s balance sheet. The company will focus the money on three “priority” RAS inhibitor candidates, as well as some unnamed “mutant-selective” RAS(ON) programs. On a call with analysts, Revolution CEO Mark Goldsmith said the new capital will help fund “one or more single-agent pivotal clinical trials” for its lead candidate, RMC-6236, potentially beginning in 2024.
