EQRx, a company with the intention of disrupting the pharma pricing system, has agreed to be taken over by Revolution Medicines. As a result, Revolution will receive an additional $1 billion in capital reserves, supporting the progression of its cancer therapies. EQRx will terminate its R&D programs and return intellectual property rights to original owners. The combined company will focus on three RAS(ON) inhibitors. EQRx’s previous plans for a new PD-L1 checkpoint inhibitor, which the FDA did not approve due to reliance on overseas data, have been abandoned. The incorporated funds of EQRx will be added to Revolution’s balance, enabling the development of the RAS(ON) candidates. Revolution plans to continue the parallel development of all three drugs and expects the deal to close in November.
To read more, click here.
[Source: Pharmaphorum, August 1, 2023]
What We’re Reading to Learn More:
- EQRx to sell to Revolution Medicines after failed bid to upend US drug pricing, BioPharma Dive
- EQRx’s low cost drug dream ends in Revolution, Fierce Biotech