A SPAC backed by a life-sciences investor and a shareholder activist is near a deal for EQRx, a startup that aims to slash drug prices
on Wall Street this year. The vehicles raise money in an IPO and then turn around and search for a private company to combine with, essentially taking that company public via a merger.
EQRx was founded less than two years ago, and Casdin Capital was an early investor. The business was born of the idea that drugs cost too much, and that partnering with insurance companies, leveraging advances in science and making the development process more efficientThe Cambridge, Mass.-based company has developed medicines that mimic the biological function of existing drugs but have molecular structures distinct enough that they don’t infringe on patents of brand-name drug manufacturers.
“With the proceeds, we’ll be able to further expand our catalog of medicines,” said Melanie Nallicheri, EQRx’s president and chief operating officer. “This was the best way to accelerate growth,” she said, referring to the decision to merge with the SPAC. The money raised in this SPAC deal follows other large infusions of cash into EQRx, which has raised hundreds of millions of dollars already in its short lifetime. Early investors include Andreessen Horowitz, ARCH Venture Partners and GV, formerly Google Ventures.
Mr. Casdin and Mr. Meister are childhood friends, and this is the third SPAC merger they have arranged in under a year. In February they agreed
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